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req: Homowners insurance quote

359 42 June 19, 2020 at 08:05 AM
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looking for evaluations of my homes REPLACEMENT cost.
Dont most insurance quotes include these calculations to determine the rates?

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Joined Jun 2005
Let Sleeping Dogs Lie
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#2
yes they do, it can be hard to calculate depending on the age of your home. For am older home you need to make sure it includes a clause to bring the house up to current code. If you have an older house the windows may not meet code but if you don't have that included all insurance will pay is for cheap single pane windows, no GFI/GFCI possibly not even grounded. Replacement is an odd number, do they include the cost to tear down and remove your old home, how about asbestos mitigation? How long do you have temporary housing and what is the amount per week/month is there a dollar limit.

Insurance companies will lowball this to make the rate look better but you could get hosed.
Also make sure you have replacement coverage, if not you will be screwed for sure.

Newer home you could just look at what new houses are selling for minus the lot cost!
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Joined Oct 2008
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#3
Quote from komondor
:
yes they do,
thanks for the reply.
are you an insurance agent komondor?

if anyone can provide me those RCT results for my house , i would like to compare and determine if my current insurer's evaluation is accurate.
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Let Sleeping Dogs Lie
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#4
No I am not an insurance agent you can get multiple quotes pretty easily you can also ask your insurance company how they came up with your number. If you can provide your street or the block where you live it could help.
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#5
In my experience it's usually your value plus some %. Think of it this way - the insurance company only knows very basic information about the house - sq ft, # levels, year built, etc. You can't generate a very detailed or accurate model to estimate the replacement cost with such little information.
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Joined Oct 2008
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Original Poster
#6
the reason i wanted the replacememnt value is to compare that to my current policy.
I have a claim in progress.
i'm getting penalized for co-insurance.
since my coverage is 78% of the replacment value they have determined i am getting penalized that entire 22%.
i need to show they are more than 2% high on their esitmation of that replacement value.
if i had been at 80% of their value or higher i would have gotten the full replacement value.
my agent and two other insurance quoters have arrived at smaller values for that figure but the quoters are shying away from writing that replacement value, they just want to sell insurance.
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#7
Quote from sd0209
:
the reason i wanted the replacememnt value is to compare that to my current policy.
I have a claim in progress.
i'm getting penalized for co-insurance.
since my coverage is 78% of the replacment value they have determined i am getting penalized that entire 22%.
i need to show they are more than 2% high on their esitmation of that replacement value.
if i had been at 80% of their value or higher i would have gotten the full replacement value.
my agent and two other insurance quoters have arrived at smaller values for that figure but the quoters are shying away from writing that replacement value, they just want to sell insurance.
Do you have a 100% Insurance to Value requirement? Typically, it is an 80% requirement so you would be penalized ~2% not 22%. Also, a standard Homeowner's policy pays the GREATER of the co-insurance penalty or ACV. The insurer would have to calculate both values and pay you the greater in a standard policy.
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