I would start by contacting your present insurance company (for your home and auto) and ask them for a quote. The reason for beginning with them is you may be eligible for a policy discount. Since the property is vacant, they will ask what you intend as future use (income vs. vacation) to give your the appropriate pricing.
To get other calculations on a complete rebuild, call at least two other insurance companies.
Also, you can't use the purchase price for your calculation because it includes the value of the land - so if using - and you back it out - you may be at the dollar amount you see fit.
Yes, I have had this happen and trust me - your agent, like mine, will sell you any policy you want to buy. Get a good explanation of the policy in its entirety. Although it may seem your coverage is depleted, "layers" will kick in due to other provisions.
This is a tough question! Tough because "all" companies offer competitive rates. How do we know this? Because they are represented in the marketplace.
For an answer you will have to shop. The company that offers a good rate for one person is not the same for another. It largely depends on the home you want to insure, your personal property coverage, liability coverage, your deductible and credit.
- With regard to a deductible, ask for comparisons. Most companies have what I call a "sweet spot" where the premium is low and the deductible reasonable.
- Ask also about affinity and professional discounts. Sometimes teachers, military personnel, and police officers get a lower rate, and membership to a specific organization may offer the same.
- Piggy-back coverage so you insure your cars, boats, etc. with the same company, usually at a discount.
- Fire suppression systems (you already know if you have one) likewise lower premiums.
- Don't skimp on liability coverage! You, (in my opinion) are more likely to be sued than suffering a catastrophic loss of property.
Finally, I would opt for a local agent over a sea of customer service people through an 800 number. You will never know the value of your agent, until you need them!
The best person to answer your question is an insurance agent. They can "pull" the street address of the property, see the size, construction, and amenities, and tell you what would be the replacement cost.... more
That's a good question. I've been needing to find a good home insurance provider as well. I'll make sure that I shop around and compare prices before choosing a provider. I'll also ask my friends and family about which insurance providers they have and what they like or dislike about them. Hopefully I'll be able to find home insurance that fits my needs! http://www.allcoverage.ca/... more
Have you spoken directly with an insurance agent about this? Do you own the property or are you a tenant? If you own the property, do you live it or will this be an investment property? I have several insurance agents that my clients have worked with in the past that might be able to help you so feel free to contact me and I can get you their names and numbers.... more
If you have an FHA loan you can't petition to have it removed. If you have a conventional loan usually 12 payments must have been made (on time) and 22% is the target amount of equity. You can call your servicer, but they are often not the best at being accurate, knowledgable, or forthcoming with the information. The actual answer should be contained in disclosures that you have in your paperwork from the application and settlement process last year. If you find these and are unable to decipher them, I am happy to interpret for you, just drop me an email or a call. If you like my answer, consider clicking on a â€œThumbs Upâ€ or â€œBest Answerâ€
Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
You may want to pull the tax records and see what they cost is associated with that and always find a good agent in the area and ask them to pull comps. I have a number of contacts with other agents in the San Francisco market, so please let me know if you'd like me to refer an agent to you.
Keller Williams Sonoran Living
If the premium was to be returned to the bank they would be listed on the check with your name as a cosignor. It sounds like you owe the insurance company money for overpaying on your escrow account. If only your name is on the check, you have to cash it. You must then decide to pay back the bank.... more
Replacement cost are based on many factors. Age of home, architecture style, upgrades inside and out, roof type, how many floors, type of counters, types of sinks, etc. Two homes right next to each other with the same square footage and built by the same builder will still have different replacement costs. We write a lot of insurance policies and we have to use special software to calculate replacement costs.
The generic number by the way is $150. That is never accurate but gives you a VERY rough idea at what you would be looking at for replacement cost. Don't forget, attached garages will increase your replacement cost because they are considered part of the home since it is attached.... more
Be aware of the policy if you take a cash settlement instead of repairing or replacing your home. They will pay you Actual Cash Value instead of replacement cost. This clause in the policy prevents policy holders to "take the money and run".
Check your policy for this clause. I'm very sure it's in there.... more