Homeowner's insurance question (homeowners insurance, crime, mortgage)

[Poohsmommi]

How are you supposed to know how much to insure your home for? I have no idea how much it costs to rebuild a home.

[Restrain]

The insurance companies have a system, based on Marshall and Swift Building Cost Guides. Talk with your insurance company.

[Restrain]

BTW, on most policies, if you insure for, say, 80% of what they say it will cost you to rebuild, that 80% of whatever it costs is all they will pay. You are pretty much at their mercy, especially given the nature of homeowners policies in Florida

[scootermcg]

This is a very interesting topic, and I would love to hear more about how home insurance is different from the rest of the country. Is it that much more expensive? What is a ballpark cost for a home around 200k?
Is hurricane insurance seperate?
Flood insurance? How much do these cost?
Termite insurance? Is that a thing?
Just trying to figure out the total cost to insure, ballpark,
Are we talking 2k, 5k.....more?

[Juice Malone]

How expensive homeowners insurance is varies on a number of factors including but not limited to:

1. Your credit
2. Your claims/loss history
3. How close you are to a fire dept.
4. How close to the coast you are
5. Coverages and endorsements selected
6. Reconstruction cost/features/materials of home
7. Age of home
8. How high risk area is (weather, crime etc.)

When you get an insurance quote your agent will calculate the reconstruction cost. He should be asking detailed questions about things like building materials and rooms that are in the home. If he is not I would be careful as if you are short changed on reconstruction cost you will be not be able to rebuild to an extent that would satisfy you in the worst case scenario. Also many mortgage companies will not accept coverage that provides for less than 100% reconstruction cost.

Flood insurance is a separate insurance policy written through FEMA's National Flood insurance program your agent can do that if he has a flood license. There is no such thing as an "insert company name here" flood policy. It will be probably be expensive in Florida depending on how close to coast you are and the type of home you have.

Companies that write in coastal states typically offer hurricane dmg coverage with a deductible that is seperate from your typical "all perils" deductible that meant for basic stuff like fire.

Consider having a water backup endorsement added to your homeowners policy. Provides coverage for losses you incur from sewer and drain water backup which is not covered by basic water dmg coverage that comes with every homeowners policy. I'd say probably 90% of the population is completely clueless about this and some lives have been ruined as a result.

Infestation should be covered on a homeowners policy might be different in FL I don't know.

Call an insurance company and ask questions don't wing it and hope for the best. This is the most important non human thing in your life if you don't educate yourself and get burned you have no one to blame but yourself.

[scootermcg]

Wow, that was one hell of a detailed response

[scootermcg]

But, ballpark.....any idea what a 200k house would cost to insure?

[Juice Malone]

Originally Posted by scootermcg

But, ballpark.....any idea what a 200k house would cost to insure?

Serious question.....did you even bother to read my post or do you just want to be spoon fed a simple answer to a complex issue? There are to many variables to consider and what you paid for your house has almost nothing to do with what your premium would be.

[scootermcg]

Yes I did read your post, and I thank you for your response.
I'm only trying to figure out what to expect, and what to look for when home shopping.
Thank you

[freddyCF]

Originally Posted by scootermcg

But, ballpark.....any idea what a 200k house would cost to insure?

Anywhere in between 400 and 4,000