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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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homeowner's insurance- how much?
We bought homeowner's insurance in full for the year before we closed.
We insured the house for $375,000. We paid $410,000 for it.
I was under the impression that you insured the house- not the property.
Anyway, I got a letter in the mail yesterday saying that they increased my insurance coverage after coming to do an appraisal (I wasn't here, nor did I know they were coming to do this) and they decided that the house is worth $406,000.
Now, I owe them another $200 for the year.
So, does that mean if I cleared the house off the land, I could sell the land for $4,000??
this doesn't make sense...can someone please explain?
FYI- the house is in West Islip on a 60x100 lot, is updated outside and some on the inside but needs a ton of work still. I think we overpaid, TBH.
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Posted 1/7/10 7:12 PM  |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: homeowner's insurance- how much?
You insure for what the replacement value of the house is. I have the replacement value from my appraisal but one of the insurance companies I called said they figure out the value. My house was appraised for 470 I paid 465 and the replacement value was 349,118 (acre of land). The house is all original from 1952.
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| Posted 1/7/10 7:27 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: homeowner's insurance- how much?
My replacement value is high too-Actually higher than what we are paying for the house by about $50,000. They consider everything-high end fixtures, tile, countertops, pool, ect. I am paying 877/year and my they appraised it for almost $400,000-so yours doesn't sound too off to me. But I also thought it was supposed to be lower because of the land, but that is not how it worked out....confusing.
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| Posted 1/7/10 7:31 PM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: homeowner's insurance- how much?
Posted by JustJack
My replacement value is high too-Actually higher than what we are paying for the house by about $50,000. They consider everything-high end fixtures, tile, countertops, pool, ect. I am paying 877/year and my they appraised it for almost $400,000-so yours doesn't sound too off to me. But I also thought it was supposed to be lower because of the land, but that is not how it worked out....confusing.
They didn't even come inside though...the appraisal was outside only. We don't have a pool or a shed or anythign...
I'll have to call tomorrow.
tHanks for the input.
We're paying $1600 a year now! 
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| Posted 1/7/10 7:39 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: homeowner's insurance- how much?
Posted by kahlua716
Posted by JustJack
My replacement value is high too-Actually higher than what we are paying for the house by about $50,000. They consider everything-high end fixtures, tile, countertops, pool, ect. I am paying 877/year and my they appraised it for almost $400,000-so yours doesn't sound too off to me. But I also thought it was supposed to be lower because of the land, but that is not how it worked out....confusing.
They didn't even come inside though...the appraisal was outside only. We don't have a pool or a shed or anythign...
I'll have to call tomorrow.
tHanks for the input.
We're paying $1600 a year now!
They didn't come inside for us either. Did you tell them you had anything fancy inside? Does that include an umbrella policy? $1600 a year is A LOT! Fm me if you want the name of who I used. Our house is pretty big-and everything is new and we have a pool and we are paying almost half as you. Something doesn't sound right.
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| Posted 1/7/10 8:29 PM |
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budget09
LIF Zygote
Member since 11/09 46 total posts
Name:
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Re: homeowner's insurance- how much?
I am just wondering, did you ask your real estate attorney at the time of closing?
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| Posted 1/7/10 10:00 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: homeowner's insurance- how much?
Companies usually use a price per square foot depending on your location. Land is not considered, it doesn't burn so it is not insured.
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| Posted 1/8/10 8:43 AM |
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ChrisDee
My Girls
Member since 11/06 9543 total posts
Name:
Christine
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Re: homeowner's insurance- how much?
We pay around $1100
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| Posted 1/8/10 10:50 PM |
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