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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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How much insurance?
Do you typically take out insurance on the houses appraisal? More than appraisal? Or just for what's owed on the mortgage? All of the quotes I have gotten are for like an extra 100k, but I'm thinking if something happened; they'd only pay off the mortgage-no?
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Posted 10/25/10 7:22 PM  |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: How much insurance?
my insurance company (or maybe it's my mortgage company?) only makes us take out for the price to rebuild the house. Since the land will be there in the case of a fire.
but I think this is the exception.
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| Posted 10/25/10 7:33 PM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: How much insurance?
Posted by Erica
my insurance company (or maybe it's my mortgage company?) only makes us take out for the price to rebuild the house. Since the land will be there in the case of a fire.
but I think this is the exception.
Same. We use Liberty Mutual and they had us fill out a worksheet to figure out the replacement value of the house.
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| Posted 10/25/10 7:36 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: How much insurance?
Posted by Erica
my insurance company (or maybe it's my mortgage company?) only makes us take out for the price to rebuild the house. Since the land will be there in the case of a fire.
but I think this is the exception.
gieco is the same
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| Posted 10/25/10 9:38 PM |
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pnm1654
Mommy to 2 boys!
Member since 5/05 4565 total posts
Name:
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Re: How much insurance?
Posted by maybesoon
Posted by Erica
my insurance company (or maybe it's my mortgage company?) only makes us take out for the price to rebuild the house. Since the land will be there in the case of a fire.
but I think this is the exception.
gieco is the same
same with statefarm
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| Posted 10/25/10 10:01 PM |
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monkeybride
My Everything
Member since 5/05 20541 total posts
Name:
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Re: How much insurance?
Posted by Erica
my insurance company (or maybe it's my mortgage company?) only makes us take out for the price to rebuild the house. Since the land will be there in the case of a fire.
but I think this is the exception.
Same.
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| Posted 10/25/10 10:31 PM |
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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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Re: How much insurance?
Right, but every place is giving me different re-build it amounts...
How do I know who one is "right?"
Like some people are saying it would cost xxx to rebuilt and others are saying it would cost yyy...
I of course want to go with the cheaper quote, but my DH seems to think we need to go with who would give us more to rebuild...?
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| Posted 10/26/10 5:34 AM |
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Finally1108
My two boys
Member since 12/08 3541 total posts
Name:
Angela
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Re: How much insurance?
Posted by Erica
my insurance company (or maybe it's my mortgage company?) only makes us take out for the price to rebuild the house. Since the land will be there in the case of a fire.
but I think this is the exception.
That is the same w/ most insurance companies
ETA: how far off are all these companies w/ the rebuild cost?
Message edited 10/26/2010 9:52:25 AM.
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| Posted 10/26/10 9:51 AM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: How much insurance?
Posted by 05mommy09
Right, but every place is giving me different re-build it amounts...
How do I know who one is "right?"
Like some people are saying it would cost xxx to rebuilt and others are saying it would cost yyy...
I of course want to go with the cheaper quote, but my DH seems to think we need to go with who would give us more to rebuild...?
we had a quote, then our mort. person came back and gave us the rebuild number we needed. of course our premium went up. I think they low balled our quote so we sign with them. I was told later they send an inspector, and my premium would have went up anyway.
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| Posted 10/26/10 9:54 AM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: How much insurance?
They use a certain price per sq. foot, the norm is between $165 and $200 depending on the carrier and location of the house.
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| Posted 10/26/10 10:02 AM |
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