Homeowners Insurance - why so different? (value, company, cost, house)

[midwestmom]

Getting quotes for homeowners. One values my home at about double the assessment for a total loss. The other values it 75,000 higher. Is this wide a difference common?

[dblackga]

Originally Posted by midwestmom

Getting quotes for homeowners. One values my home at about double the assessment for a total loss. The other values it 75,000 higher. Is this wide a difference common?

Does it include the contents, also? That would account for the difference.

[Lacerta]

Is one of them counting the land? I've seen them do this before, although in my opinion, they shouldn't, since no one can carry off the land and it can't burn down.

[TimtheGuy]

Originally Posted by midwestmom

Getting quotes for homeowners. One values my home at about double the assessment for a total loss. The other values it 75,000 higher. Is this wide a difference common?

Is the house old, sizable and/or is a low demand area? The insurance company has to insure it for the amount they figure it would cost to rebuild it brand new. So while it might only cost $100k to purchase, it might cost $200k to rebuild it. Of course the insurance company also wants some cushion in there too.