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Old 01-23-2008, 06:35 AM
 
Location: NW Georgia
621 posts, read 3,206,094 times
Reputation: 393

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Quote:
Originally Posted by scimitar12 View Post
Your figure really seems high. Perhaps one reason why a townhome will be higher than a free-standing house is because a townhome shares a wall(s). If you neighbor's place goes up in smoke, there is a good chance adjoining townhomes will too. Still, $2,328 sounds way out of whack.
I don't know what they were quoting me for. I have gotten several more quotes back and they are around the $300 range, which seems way more reasonable. Anyone have a particular co. that they are really happy with?
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Old 01-23-2008, 07:57 AM
 
Location: Manassas, VA
352 posts, read 1,591,958 times
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Quote:
Originally Posted by msjack View Post
I don't know what they were quoting me for. I have gotten several more quotes back and they are around the $300 range, which seems way more reasonable. Anyone have a particular co. that they are really happy with?
I can refer you to good people if you want to private message me for contact info. That $300 quote looks very fishy, unless you're in a condo/townhouse and what you're getting is a condo unitowners policy. (which is a whole other conversation with different coverages). Have you already closed on the house? If not, what is your lender requiring for dwelling coverage? I'd start there.
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Old 01-23-2008, 03:54 PM
 
Location: Sterling, VA
1,059 posts, read 2,962,708 times
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Remember, the purchase price of the home also includes the value of the land, and $200,000 for land and $300,000 for the dwelling could be the figures used to arrive at the sales price. Remember, land is not destroyed by a fire, only the building is. Make sure your policy specifies replacement value for the home.
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Old 01-24-2008, 05:40 AM
 
Location: Bettendorf, IA
449 posts, read 1,393,904 times
Reputation: 211
Quote:
Originally Posted by Margery View Post
Remember, the purchase price of the home also includes the value of the land, and $200,000 for land and $300,000 for the dwelling could be the figures used to arrive at the sales price. Remember, land is not destroyed by a fire, only the building is. Make sure your policy specifies replacement value for the home.
A 40 to 60 ratio of land to residential property value seems very high. Maybe that is how it is in the D.C. area; however I can tell you in Missouri and Kansas the ratio of land to residential buildings is more like 20 to 80.
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Old 01-24-2008, 06:48 AM
 
Location: NW Georgia
621 posts, read 3,206,094 times
Reputation: 393
Quote:
Originally Posted by knopfler View Post
I can refer you to good people if you want to private message me for contact info. That $300 quote looks very fishy, unless you're in a condo/townhouse and what you're getting is a condo unitowners policy. (which is a whole other conversation with different coverages). Have you already closed on the house? If not, what is your lender requiring for dwelling coverage? I'd start there.
No I haven't closed on the house, about 6 more weeks for that. I don't know what my lender is requiring. I never thought to ask, so thanks for the info. I just got the huge packet of papers for my loan yesterday, so that info hopefully is in there. It is a townhouse w/a homeowner's assoc. I have received multiple quotes back and they are all around $300 give or take. Why does it seem fishy to you? Too low/high?
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