Why is there a 75K difference in my home insurance quotes?
by Guest » Thu Jun 23, 2011 05:51 pm
Why is there a 75K difference in my home insurance quotes? (difference is to dwelling coverage)?
Total Comments: 2
Posted: Thu Jun 23, 2011 05:51 pm Post Subject:
If you are insuring your home for replacement cost, it doesn’t surprise me the difference in value is so different from company to company. Insurance companies have different ways of calculating what it will cost to rebuild you a new home. Remember, if your home burns down, they can’t replace it with the exact home, they have to build you a NEW home. So the company is having to estimate what it costs to build a new home in your area on your lot that is comparable to the home you live in now. They also are responsible for removing any debris left behind and possibly updating your home to meet new code requirements.
Posted: Wed Jul 06, 2011 08:10 pm Post Subject: Did your agent ask the right questions?
Did one agent ask you questions about your house and another not? Sometimes the difference is in who is doing their job and who isn't.
Posted: Thu Jun 23, 2011 05:51 pm Post Subject:
If you are insuring your home for replacement cost, it doesn’t surprise me the difference in value is so different from company to company. Insurance companies have different ways of calculating what it will cost to rebuild you a new home. Remember, if your home burns down, they can’t replace it with the exact home, they have to build you a NEW home. So the company is having to estimate what it costs to build a new home in your area on your lot that is comparable to the home you live in now. They also are responsible for removing any debris left behind and possibly updating your home to meet new code requirements.
Posted: Wed Jul 06, 2011 08:10 pm Post Subject: Did your agent ask the right questions?
Did one agent ask you questions about your house and another not? Sometimes the difference is in who is doing their job and who isn't.
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