There are a couple of factors that would affect the cost.
Replacement cost of the home which is determined by the type of building materials used to build the house, territory or zip code, your insurance history such as insurance score and claims history if any, and a few other factors depending on the company. Its always best to get a couple quotes and compare not just rates but also coverage. Some policies are broad form and some are special which are very different contracts. You really need to get some quotes from insurance agents and compare them. Its a bit of work but hopefully the company you get insured with is the one you keep for a while.... more
If you purchased the home, the previous owner no longer has an insurable interest in the home. If they burn down your home and you don't have insurance and they do, you will not get paid because it is not your insurance policy and they will not get paid because they cant insure a home that they do not own. That would be like me selling you my car and keeping the insurance on it and you get in an accident and then they send me a check and you end up with a totaled vehicle and maybe a lawsuit. You should get a landlord policy until you are able to take possession of the home, that's my advice.... more
The answer to your question "Do you avoid buying a condo when the HOA does not provide earthquake insurance for all units" is YES!. The Cal earthquakes showed how poorly insured the condo's were, and the cost of eartquake insurance is now in a stste fund which is underfunded.
David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships... more
The best question to ask when looking at replacement cost amounts is "What happens if this amount of insurance is not enough and my house burns to the ground, will they still pay to replace my home completely?" The answer to that question in writing will tell you alot about the policy and the agent.