Homeowner's Insurance quotes..

[Adalen]

I'm starting to suspect that the age of the house we are purchasing (and the size) is going to cost us when it comes to insurance.  So far I haven't been able to get a quote for under $500K coverage for rebuild.  The lowest I got was through my car insurer for $1500/yr with a 3% discount on my car insurance.

Our house was built in 1930 and is 3500 SQ FT.  Was pretty much completely updated in 2000/2001 but one insurer stated they'd need evidence of this, perhaps from the appraisal/inspection photos.

Does this seem pretty standard for a house this old and this big?  We are getting a great deal on it, probably quite a bit below its value but I won't know until the appraisal comes back next week.

I'm in Central California, by the way.  It's the cheapest part of California.  (Nowhere near the coastline.)

[JM-AM]

Lets do a little assumption..

Older homes sometimes have details in the construction not found in new homes. Materials used are probably double the cost if not more at todays prices.

But without that assumption here is my honest opinion....

While we all price shop and look for the best deal we can obtain, when it comes to the replacement value of your home, why would you want to skimp in its value for replacement? Better to be over valued in your eyes then under valued and couldnt afford to rebuild your home in case of some disaster (hopefully never happens).

I also realize its all about budget and what we can afford, just remember that your Lender can reject any insurance policy they feel is not sufficient. If you do not replace the policy according to Lender requirements they can actually demand payment in full, or refuse funds if you havent closed yet.

[UpmyscoreinFL]

Have you had the inspection yet? Pay extra for a four point inspection and it may save you in insurance premiums. Ask the insurance people and inspectors about it.

[Adalen]

We will be having an inspection done next week, hopefully.  We are still awaiting the appraisal. do thanks fie the perspective, I am starting to lean more toward "better safe than sorry" but didn't know if this was a standard pricing method or insurance companies just trying to rake me over the coals. 

[MovingForward_2012]

You will also get a discount if you get a security system installed.