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Old 03-29-2011, 11:58 AM
 
739 posts, read 2,142,390 times
Reputation: 362

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It's time for me to renew my insurance. Received a quote of $3377 with monitored fire and burgulary alarm. Home is inusred for 100% replacment. Amica "gives" you an additional 30% coverage with equals 130% coverage. Insured amount is $424,000. Does this rate sounds fare?

Anybody had to replace a house? How much to replace a 4526 sq ft home?
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Old 03-29-2011, 02:55 PM
 
Location: Houston, TX
1,611 posts, read 4,863,579 times
Reputation: 1487
When I obtained new coverage on my house my insurance carrier sent out an appraiser to evaluate the structure and their quote was predicated on that assessed replacement value. Any company that isn't currently your insurer should probably do the same. My quote gave me an exact dollar amount to replace my house.
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Old 03-29-2011, 04:14 PM
 
1,534 posts, read 3,505,285 times
Reputation: 1296
I think they're trying to sell you more insurance than you need. If your house is totalled, a rare occurance in the first place, you only need cost to rebuild it and its contents, not the land. The probability of your land being wasted too is extremely rare. Furthermore, most insrance policies, if you read the fine print, there are so many loopholes that they don't cover such as mold, acts of god, etc...which are the usual causes where a house would have to be totalled. And why would you want to pay to insure 130% of your house and contents value? I'd say find out how much it costs to rebuild your house and its contents and insure it for that much, make sure to get flood insurance too. If you're like most people, you'll never reallize any return for all this premium you're paying, but just incase you're so unlucky, your structure can be rebuilt.
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Old 03-30-2011, 03:04 PM
 
34 posts, read 107,757 times
Reputation: 35
Quote:
Originally Posted by pdouglas View Post
It's time for me to renew my insurance. Received a quote of $3377 with monitored fire and burgulary alarm. Home is inusred for 100% replacment. Amica "gives" you an additional 30% coverage with equals 130% coverage. Insured amount is $424,000. Does this rate sounds fare?

Anybody had to replace a house? How much to replace a 4526 sq ft home?

A lot of variables like how fancy is your house and what does it have in it, but generally that $424,000 sounds okay.
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Old 03-30-2011, 03:05 PM
 
Location: Henderson
12 posts, read 29,839 times
Reputation: 17
Check out a nother carrier ANPAC see if they can save your $$
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Old 04-02-2011, 06:32 PM
FDO
 
105 posts, read 315,768 times
Reputation: 59
Quote:
Originally Posted by pdouglas View Post
It's time for me to renew my insurance. Received a quote of $3377 with monitored fire and burgulary alarm. Home is inusred for 100% replacment. Amica "gives" you an additional 30% coverage with equals 130% coverage. Insured amount is $424,000. Does this rate sounds fare?

Anybody had to replace a house? How much to replace a 4526 sq ft home?
$3300 for home insurance per year? Isn't that a little too much? How much is the average home owner insurance in Houston? With or without flood insurance.Thanks!
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Old 04-02-2011, 08:03 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,253,530 times
Reputation: 15226
Seems high. Have you gotten other quotes? Liberty Mutual has pretty good rates.
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Old 04-04-2011, 12:14 PM
FDO
 
105 posts, read 315,768 times
Reputation: 59
Isn't it the average cost of home owner insurance should be around $1500 per year?
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Old 04-04-2011, 12:21 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,780,486 times
Reputation: 4192
Quote:
Originally Posted by FDO View Post
Isn't it the average cost of home owner insurance should be around $1500 per year?
Depends on a lot of factors, a larger house and an older house and a house closer to the coast are all going to be more expensive. I think the only way to compare is amount per sq. ft. pdouglas is paying $0.75 per sq. ft per year for insurance. By comparison my home owners from liberty mutual costs me $0.32 per sq. ft. per year so I would say that yes his is very high.
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Old 04-04-2011, 01:32 PM
 
Location: Sugar Land
2,465 posts, read 5,811,981 times
Reputation: 2733
I pay $1600 for a much biger size house. I have evything with Geico, cars, house, everything.
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