Home Buying in Glen Carbon>Question Details

Willie, Other/Just Looking in Brooklyn Park, MN

got a home on contract for deed from a non profit corp for 138,000 why are we req to carry 300,00 in insurance. this took our payments up 200.00 more.

Asked by Willie, Brooklyn Park, MN Tue Apr 30, 2013

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The replacement cost on the home is what you are insuring. It doesn't matter how much you purchased the home for. Your agent should have done a replacement cost estimator to find out how much it would cost to replace your home if there was a total loss.
0 votes Thank Flag Link Wed Jul 31, 2013
Hi, Willie: Your insurance is probably to cover replacement value of the property.
0 votes Thank Flag Link Tue Apr 30, 2013
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