Profile picture for vicky.martin

Can you use the cost per square footage to get a Home Insurance?

My dwelling insurance is only at $184,000, but Zillow shows my sq ft cost is at $281, that means I'm under insured, right?
  • January 28 2009 - San Leandro
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

It depends. Zillow sq ft cost is based on dividing market value by the number of square ft. THat won't work for insurance. However, when an appriasal is done, there are typically two different calculations included by the appriasor. ONe is market value and the other, usually on the 3rd page, is the "replacement cost approach." This "replacement cost approach should come up relatively close to what replacement cost calculation your insurance agents comes up with. ( I am generally within $20,000 for the average home.)

Keep in mind it also the type of policy coverage. Most companies (95%) offer "replacement cost" or "extended replacement cost" coverage. It is much better to get "full replacement cost" generally available for the same price for those with good credit scores.
  • May 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Make sure if you have an older house (more than about 10 years in most places) that you have a code upgrade provision in your policy too in case you ever have to rebuild. It will really save you money if anything ever happens.
  • February 20 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

don't forget the insurance if for the building replacement... not the land... when you get a 'value' it usually includes both... call your local insuracne agent!
  • February 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The dwelling coverage is the cost of rebuilding your house, which is based on things like the cost of building materials and labor. It should be tailored for your house based on things like the kind of flooring and countertops that you have (ie. carpet, tile, granite, marble, etc.)

The sq. ft. cost that Zillow shows is their estimate based on the market value of the home, which is totally different. The market value fluctuates depending on demand for the house. Things like its location, the school district, the neighborhood, etc. affect this figure, and have very little to do with the cost of rebuilding the house.

  • February 12 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.