What is important to you as you look for Homeowner's Insurance?

Just a curious question, an informal survey...what is important to you as you look for homeowner's insurance?
  • December 19 2010 - Saint Louis
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Answers (10)

Profile picture for the_country_hick
non-depreciated replacement policy
  • December 19 2010
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I used to sell insurance and there a lot of misconceptions on the best coverage. First you need to find an agent that will explain to you the best coverage for the price. You will find that adding a little extra coverage costs only a few dollars a month.
Replacement Cost on the home at least to 150%. Some companies add in a separate 10% deductible on the roof.
Best to ask a lot of questions, so to answer your question I would say a good agent and the best coverage at the best price.
  • December 20 2010
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Profile picture for km9
  • km9
  • 128 contributions
Hey Jason what do you mean by "Replacement Cost on the home at least to 150%"?  Are you talking house cost or the assessed property value?
  • December 20 2010
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Lets say they are insuring your home for $200,000, so if something happens the insurance company will pay up to 150% of the $200,000 to replace your home. Every company is different on the amount they will go up to, it also depends on the age of the home.
Also another good point would be to make sure you have replacement coverage on your personal property. So companies will cover your personal property under ACV Actual Cash Value. This means you will only get what your personal property is worth instead of replacing it. That 52" flat screen you bought 4 years ago might only be worth half what you paid today, under ACV that' s what the insurance will give you.
Hope this helps
  • December 20 2010
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Sorry maybe this will better answer your question.
The replacement cost is just based on the home not the appraised value. Because the appraised value includes the land and homeowners insurance doesn't cover the land.
The value is determined by the underwriter based on age, size and type of home
  • December 20 2010
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Profile picture for cynthiahbehr

The best way that I understand 'replacement cost' is what would it cost to build your home again if it was 100% destroyed.  New construction is expensive so building your home again is usually higher in cost than if you were to try and sell your home.

Also, when looking for home insurance make sure you look at additional coverages/riders such as back-up (sewer).  These extra riders may be minimal in cost but protect you well. 

  • January 11 2011
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These are your big items (if you're shopping)
1. Replacement cost on home and contents (any agent worth a lick will give you this)

2. All-Risk Coverage (you need an HO3 or HO5 contract, also called HOW with State Farm or HOB in Texas)

3. Reasonable Deductible and Reasonable Price (some companies will slip you a 1/2/3% windstorm deductible to keep the price low.  Don't let this happen to you outside of Texas or Florida).  Talk to at least one broker while shopping, who can hit up 5-7 companies for you.

  • July 06 2011
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PS: ...and remember your coverage extension of 110/125/150%, available from most companies for almost nothing.
  • July 06 2011
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Simple, the ability and willingness to pay claims!   You could have the Cadillac of policies but if the company that writes the policy isn't financially stable or is notorious for not paying claims, you are in trouble. 

Do your homework and visit your state's "Office of the Insurance Commissioner's" website.  
  • July 15 2011
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Extended replacement cost gives the insured "extra" coverage if the policy meets its limit. If you have a $200,000 [Promotional hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.] and it has the endorsement, 150% extended replacment cost endorsement, then if the company reaches the $200,000 limit it will pay an additional $100,000. This is very helpful expecially if local building codes have changed since your home was built. The extended replacement cost endorsment can offset that cost.
  • May 28 2012
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