(Closed) Insurance is crazy!

posted 7 years ago in Home
Post # 3
2142 posts
Buzzing bee
  • Wedding: August 2010

That seems like a huge range to me. I called probably 4 agencies and the replacement value for each were around 10K apart only.

Are you giving them all the same exact information?

Post # 4
14486 posts
Honey Beekeeper
  • Wedding: June 2011

I dont think there is really any way to know.  Each insurnace company will have its way to calculate what it thinks is the replacement cost based on the info on the home you give them.  I the replacement cost they come up with is the most they will pay out in the worst case senario, so you basically want the highest replacement cost you can get for the least insurance premium. 

Post # 6
7431 posts
Busy Beekeeper
  • Wedding: October 2009

They use an estimating tool within their system,and every company uses different ones. Will there be an appraisal done? There is a breakdown a few pages in that will show replacement cost, and that is usually what you will go by.

The thing that makes it so difficult is because they don’t insure for the land, only for the house itself

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