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I've received a few homeowners insurance quotes and I'm not sure which one to pursue. My lender recommended an insurance agent, so I got a quote from him. Then I spoke to someone else from the same insurance company who estimated the cost of replacing my home to be much higher than the first agent, so his quote included more coverage. The annual premiums for both of these quotes are pretty much the same so I'm wondering if I should go with the quote that's offering me more coverage or is there a downside to buying more insurance than I really need. I do think the second agent is probably overestimating the value of my home, but maybe I'm getting more of a bargain with him though. Thoughts?
I just got a quote back and was shocked that they were valuing personal property at 2/3 of the structure. They were quoting $300k for structure and $210k for personal property inside the structure. Who has $210k of crap inside their house? I asked the agent if she could drop it down to say $30k, and she said it's a computed value based on structure value.
For any industry people out there - how do you estimate replacement cost? The agent asked me what the replacement cost would be and I honestly have no idea - I'm certain it's not tied to purchase price, however.
Replacement cost is the current average cost per sq ft to rebuild a home. Your agent should know what this cost would be for you though so I would look elsewhere.
I contacted two insurance companies. They both have good ratings. I decided to go with the one that I already had auto insurance with.
Allstate, right?
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