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I don't want to rebuild. Why don't I have the choice of $$ of coverage on the house? As long as it is insured for the amount of the mortgage, I would pay the mortgage off and walk away. I don't care about the so-called 'equity' in the place. Property has lost over $100,000 in market value the past three years. After commissions, etc. and other work that has to be done, it is nonexistent. Besides which, I'm too old to bother with a rebuild and don't want the stress.
Granted I don't know much about the insurance business but it seems to me if insurance companies offered products like this then people who got behind on their mortgage would just "light a match" to get out from underneath it.
Thanks, Shawn, for the recommendation on USAA. Went to the website. Appears it is for military people only. Tried to join and they asked for my SS No. Won't do that. I'll call them on Mon.
yes either you or your spouse has to have been in the military or one of your parents or spouses parents. they really are the cheapest for almost any insurance but you must be directly related somehow to someone in the military. a friend of mine just switched, 52 years old paying 1200 every 6 months for insurance on his bmw because he speeds way too much, switched to usaa and pays 440 every 6 months now. my wife and i are 24 and 25 and have 4 cars/trucks insured with full coverage 100/300, 250 deductible and pay just about 1,000 every 6 months.
My home insurance covers what my home purchase price was which is significantly below what it costs to rebuild... so I bought umbrella coverage to cover the rest... and umbrella coverage is cheap!
My home insurance covers what my home purchase price was which is significantly below what it costs to rebuild... so I bought umbrella coverage to cover the rest... and umbrella coverage is cheap!
What state are in and who is your insurer?
Back in the day, that is the way it was done here.
Do realize this.
If you have what would be considered partial coverage you will be considered to be self-insuring for the difference.If the loss isn't total...let's say you have a $40,000 incident...you may not get enough to cover the damage.
You have to have purchased at least 80% of replacement value.
With that in mind, you could consider coverage that is at least 80% of the estimators value.
Another consideration is that, since you have a mortgage,your lender may require that you buy a replacement policy.
So, let's see if I've got this right...home would sell for $200,000...land is worth $120,000...structure is worth $80,000. It must be insured for $300,000 because of replacement cost....let's see...that's $220,000 to clear the land and build another house. Bull**** lies.
I tend to think that this has just turned into another BIG RIPOFF because they know they have the majority of people over a frigging barrel because they will be required to carry it by their lender.
Whoa...just thought of this, too, is this a ripoff by the insurance companies OR the banks...the same freaking banksters that have been stealing all of our money? Who stands to gain?
well when you consider replacement cost you must consider, debris removal, fluctuating building costs, plus im sure a builder being put on a very strict replacement schedule comes with a premium. Our policy covers our home replacement cost $250k, we paid 208k this year to have it built and it will allow for 25% overage of the replacement cost. So we are covered for 312k replacement. $440 a year is really not much at all. some families pay that much a month in car insurance, or on cigarettes.
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