Home insurance - Should we take for Home value or property value? (roof, cost)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If the home value is 375k, some of it is the land value around 75k.
So when we take home insurance should we tell them the house value 375k-75k = 300k
or the full value?
My insurance company did not give me a choice.
I was required to insure the house for it's replaceable value, the cost to re-build.
Then I was required to accept the coverage for the contents. Again, they made that decision.
The contents were required to be insured for x% of the insurance on the house itself.
You can ask about the land but even in the case of a fire your land won't be destroyed.
If you are in a high flood area where there could be extreme erosion, or near places where landslides could ruin or destroy your land, that may be a different insurance animal.
Insurance companies don't insure land as it's pretty hard to steal or burn. You need to insure your structures, contents, and liability.
Insurance companies don't insure for erosion which is in almost every case caused by flooding--which is not covered under a regular home owners policy but must be purchased separately through a broker from the US government.
You should insure for the replacement of the structure.
Same thing with the contents. I went through a house fire and part of that process was an inventory of everything in the house. They had the cash value of items listed next to the replacement costs and most were in the 30% to 40% range. If you don't have replacement costs you're going to be screwed.
Same thing with the contents. I went through a house fire and part of that process was an inventory of everything in the house. They had the cash value of items listed next to the replacement costs and most were in the 30% to 40% range. If you don't have replacement costs you're going to be screwed.
Keep in mind also that many types of items have a "cap" on them unless you buy additional coverage. Computer equipment, jewelry, camera equipment, wine, artwork, stamp and coin collections, etc.
You should insure for the replacement of the structure.
Yep;as otherwsie if the worse happens you will only get the depreciated value on damaged property. 20 year roof and its 5 years old you have deprecation of 25% as example.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
