Homeowners Insurance - Good News (personal property, property, cost, house)

[trobesmom]

I don't know if other insurance companies work like this or not, but when I was trying to save on my homeowners' insurance with State Farm (which is very reasonable anyway), they informed me that until recently my personal belongings had to be insured at 75% of the value of my home replacement cost. That requirement has since been changed to 25% of the home replacement cost, which saved me a lot of money. Just wanted to pass that on to everyone, as goodness knows my personal belongings would not cost nearly that much to replace.

[renriq02]

Sounds like good news!

This also may depend on the residence you live in.
If it's a condo you may want the full coverage...as the HOI for condos don't usually cover your cabinets or the interior of a condo!

It may apply to townhomes as well.

Make sure to check your policy!

Originally Posted by trobesmom

I don't know if other insurance companies work like this or not, but when I was trying to save on my homeowners' insurance with State Farm (which is very reasonable anyway), they informed me that until recently my personal belongings had to be insured at 75% of the value of my home replacement cost. That requirement has since been changed to 25% of the home replacement cost, which saved me a lot of money. Just wanted to pass that on to everyone, as goodness knows my personal belongings would not cost nearly that much to replace.

[golfgal]

It really depends on the STATE you are in not so much with the company you are with. Personal property coverage amounts are determined by state insurance laws. Also, is 25% enough to cover EVERYTHING you own? THink about how much your outfit costs, NEW, not on sale, now multiply that by the clothing in your home. That alone can add up to MUCH more then people think. Add your furniture and everything else and depending on how much your house is worth, 25% won't go very far.