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Message
How Much Of My Home's Dwelling Cost Should I Insure For?
Posted on 8/12/19 at 8:58 pm
Posted on 8/12/19 at 8:58 pm
Looking at adjusting our premium; 80% versus 100% will save considerably on the premium, but we don't want to be underinsured.
Our carrier (USAA) had the highest dwelling cost estimate of any of the other 5 companies we received quotes for, so chances are good they could be inflating the actually re-build cost.
However, I don't know how to accurately gauge the re-build cost without going through an agent, and I can't trust them due to their bias.
USAA dwelling cost at 100% is roughly $216 per square foot; location is Southern Pines, NC.
Our carrier (USAA) had the highest dwelling cost estimate of any of the other 5 companies we received quotes for, so chances are good they could be inflating the actually re-build cost.
However, I don't know how to accurately gauge the re-build cost without going through an agent, and I can't trust them due to their bias.
USAA dwelling cost at 100% is roughly $216 per square foot; location is Southern Pines, NC.
This post was edited on 8/12/19 at 10:52 pm
Posted on 8/12/19 at 9:43 pm to Dragoon
quote:
USAA dwelling cost at 100% is roughly $216
You’re looking to save a few bucks a year to forgo 20% in proceeds from a total loss?
Posted on 8/12/19 at 9:57 pm to Dragoon
I just had the same experience, USAA was $100k higher on rebuild but $300 a year cheaper. Allstate was apples to apples pretty close to USAA. Do you have a mortgage? Don’t they make you have 100% coverage?
This post was edited on 8/12/19 at 9:58 pm
Posted on 8/12/19 at 10:24 pm to Dragoon
Just remember there is usually a difference in the replacement cost and the actual cash value
Posted on 8/13/19 at 8:12 am to Dragoon
If you insure it for 80% of the replacement cost, any claim you have will only be covered at 80% of whatever the amount of that claim is. Total loss or not.
Hailstorm comes through and causes $10,000 in damage to your roof? You only get covered up to $8,000 minus your deductible.
Underinsuring your home is dumb.
Hailstorm comes through and causes $10,000 in damage to your roof? You only get covered up to $8,000 minus your deductible.
Underinsuring your home is dumb.
This post was edited on 8/13/19 at 8:14 am
Posted on 8/13/19 at 8:26 am to Dragoon
quote:
USAA dwelling cost at 100% is roughly $216 per square foot; location is Southern Pines, NC.
i had usaa for years until i shopped their number. I live in Holly Springs NC and went to Farm Bureau. The auto was about the same but the home owners was a big savings for similar coverage.
Posted on 8/13/19 at 7:19 pm to Dragoon
In NC, check prices for Amica. We have been pleased with their service.
Is your house on a 30 acre lot or a 1/3 acre lot? Over $200 sq/ft to rebuild seems awfully steep for just the dwelling for anywhere in the south.
Is your house on a 30 acre lot or a 1/3 acre lot? Over $200 sq/ft to rebuild seems awfully steep for just the dwelling for anywhere in the south.
This post was edited on 8/13/19 at 7:22 pm
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