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home insurance

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Established Member

Re: home insurance

anybody know of a good insurance company in broward county Florida. why is my home replacement value at over $420,000 but the home is value at $360,000 by the bank appraisal.

wolfman
Message 11 of 14
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Valued Contributor

Re: home insurance


@woflmanworin wrote:

anybody know of a good insurance company in broward county Florida. why is my home replacement value at over $420,000 but the home is value at $360,000 by the bank appraisal.


Unless your land is worth next to nothing or you appraisalinextremely low, something is wrong.

 

In my case, replacement value is like 2/3 of total appraised value and that had to be requested and included higher premiums.  

We have an old house in an expensive neighborhood where people buy and bulldoze to build.

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

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Message 12 of 14
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New Member

Re: home insurance

I'm closing on a house (hopefully, I'm nervous). No joke, I spent about 60 hours two weeks ago calling every place I could think of and running different numbers.

You may have to switch your car insurance for a better bundle and save. I'm not familiar with Florida but the best rates I got were from American Family Insurance, Amica, Country, and Germantown Mutual.

If you can find an insurance agency that is able to run numbers between different companies, do that. They will email it to you to look after.

$4k a year is ridiculous, I freaked out and texted my realtor in a panic when I kept getting quoted $1,500 and she recommended me to a place. Keep searching.
Message 13 of 14
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New Member

Re: home insurance

That doesn't sound right. The most I was quoted was about $25,000 more than I'm paying for the house and that's because my property had a shed on it.

I would ask them why they are quoting so much for the dwelling and ask if you can lower it. I haven't done the appraisal, yet so the numbers I was given was what their computer generated. I would definitely talk it down with appraisal in hand. Some places will use a lower dwelling rate because they have a 20% buffer to prepare for damages. If you find a place like that you can get them to lower to house value and use the buffer to cover other property damages.

Is there a newer roof? If there is, If you can get a contractor to put that in writing you may be able to use that for a lower rate. What are the deductibles they have been quoting you?

Are you moving to a high risk area? Like flooding or hurricanes? You can ask about previous claims that the previous current owner has claimed on the property. Insurance companies like to use those against new buyers.
Message 14 of 14
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