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Message
Homeowner's Insurance Question...
Posted on 3/19/13 at 4:17 pm
Posted on 3/19/13 at 4:17 pm
We're building and I'd like to know what to ask the Agents we're thinking of using to put into a quote.
Obviously we want Dwelling, Other Structures, Personal Property, Loss of Use and Personal Liability.
But how much coverage should we be asking for in regards to all of these?
TDMT Insurance Experts, ASSEMBLE!!!!!!!!
Obviously we want Dwelling, Other Structures, Personal Property, Loss of Use and Personal Liability.
But how much coverage should we be asking for in regards to all of these?
TDMT Insurance Experts, ASSEMBLE!!!!!!!!
6
Posted on 3/19/13 at 4:29 pm to GFunk
Going to depend on how much stuff you have and how much house you buy. The standard is the replacement cost on the home, other structures (outbuildings, driveways, fences, etc) is 10% of the dwelling coverage and the contents is a percent of dwelling. Lots of use is usually an incurred cost...
Posted on 3/19/13 at 4:35 pm to GFunk
I am not an agent, but I did loose a house to fire in 2007. You tell the agent the square footage and they work a formula to determine replacement cost. You don't have to use their number, but normally if you do you will get a 20% increase in coverage if needed.
Example 300,000 house.
270,000 replacement cost (slab and lot not insured)
If needed you will get another 54,000 in coverage.
Tearing down and rebuilding is expensive and the 20% extra is good to have. Personal property is normally a percentage of dwelling coverage. Additional expenses are pretty standard. Add riders for things you have above standard coverage limits.
Example guns (more than 2k), jewelry (very expensive), art ect..
Example 300,000 house.
270,000 replacement cost (slab and lot not insured)
If needed you will get another 54,000 in coverage.
Tearing down and rebuilding is expensive and the 20% extra is good to have. Personal property is normally a percentage of dwelling coverage. Additional expenses are pretty standard. Add riders for things you have above standard coverage limits.
Example guns (more than 2k), jewelry (very expensive), art ect..
Posted on 3/19/13 at 4:52 pm to GFunk
I would also look into a large umbrella policy.
Posted on 3/20/13 at 9:47 am to GFunk
If you're looking to get full replacement cost on your dwelling the average is $100-$110 dollars per sqft. Example 1600 sqft building will be in the realm of 160,000 to 166,000. Your agent should get more details of the description of your dwelling and will run a remplacement cost estimator for you.
Most homeowners have the formula
Dwelling (example 200,000)
Other Structures 10% (20,000)
Personal Property starts out at 50% (100,000)
Liability starts at $100,000.
Loss of Use/Additional Living Expense is different through each company. Some may not even have it.
If you're in Louisiana you may want to look into the hurricane deductible. Some companies offer a 2% hurricane deductible and some offer as high as 5%.
Since you are building, a hip roof recieves a discount on most homeowners policies.
Most homeowners have the formula
Dwelling (example 200,000)
Other Structures 10% (20,000)
Personal Property starts out at 50% (100,000)
Liability starts at $100,000.
Loss of Use/Additional Living Expense is different through each company. Some may not even have it.
If you're in Louisiana you may want to look into the hurricane deductible. Some companies offer a 2% hurricane deductible and some offer as high as 5%.
Since you are building, a hip roof recieves a discount on most homeowners policies.
Posted on 3/20/13 at 11:07 am to CHSBears
quote:
I would also look into a large umbrella policy.
An umbrella policy does not cover property-- it is only an excess to your primary liability coverage.
Posted on 3/20/13 at 11:20 am to rpg005
What are you going to do when a minor child of yours gets in a wreck and in a civil case of wrongful death has a 1 million plus judgement against him/her/you and your assets.
Posted on 3/20/13 at 11:22 am to GFunk
quote:
Obviously we want Dwelling, Other Structures, Personal Property, Loss of Use and Personal Liability.
Give the agent details about the house. Sq Footage, # of bedrooms/baths, etc...They will come up with a replacement cost. The other coverages are a percentage of your dwelling. It can be increased but typically not decreased.
I would schedule all of your art, guns, jewelry, etc, if they are over $2500 in value.
Posted on 3/20/13 at 11:27 am to CHSBears
quote:
What are you going to do when a minor child of yours gets in a wreck and in a civil case of wrongful death has a 1 million plus judgement against him/her/you and your assets.
Thats liability coverage, not property. Most companies require you to have a minimum of $250/500 limits on your auto insurance to get an umbrella. If the insured had a $1,000,000 umbrella in this situation he would be covered for $1,250,000-- if more than one person in the vehicle then he would be covered for $1,500,000.
An umbrella has nothing to do with how much coverage you have on your dwelling, contents, etc.
Posted on 3/20/13 at 11:51 am to rpg005
quote:
I would schedule all of your art, guns, jewelry, etc, if they are over $2500 in value.
I would get a stand alone policy for the jewelry and guns.
Jewelry is likely to be lost or stolen due to the value, size and amount it is worn. I don't want to file a homeowners claim and jack up my home rates.
For guns, different policies have different limits. I have a stand alone policy for guns that is a blanket coverage for up to $35k for $135 per year. Appraisals are needed on any one gun if the value is more than $10k. Covers everything except flood (because I live in a flood zone)...
Posted on 3/20/13 at 2:31 pm to GFunk
quote:
We're building and I'd like to know what to ask the Agents we're thinking of using to put into a quote.
Obviously we want Dwelling, Other Structures, Personal Property, Loss of Use and Personal Liability.
Dwelling Value: Replacement cost of home maybe plus a tad more just in case
Other Structures: 10% unless you need more
PP: 50%-70% depending on what you need
Loss of Use: 20% pretty standard
PL: 300k minimum... sometimes only roughly $20 more to go to 500k
This post was edited on 3/20/13 at 2:32 pm
Posted on 3/20/13 at 3:22 pm to Chad504boy
Home appraised for $145K
Dwelling Coverage: $145K
Other Structures: $2.9K
Personal Property: $72.5K
Loss of Use: $29K
Personal Liability - Each Occurrence: $100K
Medical Payments to Others - Each Person: $1K
Additional Coverage Included:
Personal Property Replacement Cost: $5K
Fungi, Mold, Wet/Dry Rot Included Water Backup/Sump Pump: $5K
Total Cost: $700/year.
Dwelling Coverage: $145K
Other Structures: $2.9K
Personal Property: $72.5K
Loss of Use: $29K
Personal Liability - Each Occurrence: $100K
Medical Payments to Others - Each Person: $1K
Additional Coverage Included:
Personal Property Replacement Cost: $5K
Fungi, Mold, Wet/Dry Rot Included Water Backup/Sump Pump: $5K
Total Cost: $700/year.
Posted on 3/20/13 at 3:24 pm to GFunk
quote:
Other Structures: $2.9K
Low, got a fence, shed, driveway, tree (even if it isn't yours) that falls on any of those (cut up and removal)...
Posted on 3/20/13 at 3:38 pm to GFunk
quote:
Home appraised for $145K
Dwelling Coverage: $145K
Other Structures: $2.9K
Personal Property: $72.5K
Loss of Use: $29K
Personal Liability - Each Occurrence: $100K
Medical Payments to Others - Each Person: $1K
Additional Coverage Included:
Personal Property Replacement Cost: $5K
Fungi, Mold, Wet/Dry Rot Included Water Backup/Sump Pump: $5K
Total Cost: $700/year.
Whatever agent is trying to sell you 2% other structures and 100k liability is a sleezeball agent trying to get the premium as loww as possible to only get a sale. Word of advice, buy from someone else.
Posted on 3/20/13 at 3:54 pm to Chad504boy
quote:
Chad504boy
quote:
Whatever agent is trying to sell you 2% other structures and 100k liability is a sleezeball agent trying to get the premium as loww as possible to only get a sale. Word of advice, buy from someone else.
This will be the first-ever HOI and home purchase, so explain to me why 100K is sleazeball?
Also, I have no other structures like a shed or awning that I'm building. So what would "other structures" cover outside of those things?
Posted on 3/20/13 at 8:02 pm to GFunk
Liability is inexpensive with a HO policy. Probably only another $20 or so to go up to $300k and probably only another $10-12 on top of that to go up to $500k. With our litigious society, you are almost more likely to be sued over a liability claim than have a total loss on your house.
Whatever company you go with will insure your home for replacement cost, therefore they will run a replacement cost estimator (based mainly on sq ft, along with some other items) and you will be required to insure your home for at least that value.
Make sure you get replacement cost on your home and personal property and increased replacement cost on your home.
Whatever company you go with will insure your home for replacement cost, therefore they will run a replacement cost estimator (based mainly on sq ft, along with some other items) and you will be required to insure your home for at least that value.
Make sure you get replacement cost on your home and personal property and increased replacement cost on your home.
Posted on 3/20/13 at 8:19 pm to GFunk
quote:
This will be the first-ever HOI and home purchase, so explain to me why 100K is sleazeball?
It isn't necessarily sleezeball, but 100k isn't a lot in the scheme of things. The price for 300k or 500k isn't much more, so it's worth it to protect yourself.
Posted on 3/21/13 at 11:57 am to GFunk
quote:
Also, I have no other structures like a shed or awning that I'm building. So what would "other structures" cover outside of those things?
driveway, a fence if you get one.
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