house is valued at 13000, contents are insured for 50,000, but not sure on the building itself, does it just need to cover the value or should it be a lot more
home insurance 130k how much home insurance for home worth 130000 how much is home insurance on a 130k homeRecent Comments
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You should be insured enough to rebuild and recover any losses you cannot cover yourself. Basically for everything except the ground it stands on (value of the land), or if you have a lender, whatever they require.
Is $ 130,000 what it would take to rebuild it, or is that what you paid for it including the land?
Coverage levels are based on reconstruction costs, not market value.
This depends on many things…
Is your house brand new? If so, 130,000 could be an accurate figure. If your home is older, then I think $ 130,000 would be too low. Insurance companies will insure your home based on replacement cost (the cost to rebuild your home if damaged). Some of the things that need to be taken into consideration are: 1. New building and ordinances that effect how your home would be constructed, 2. debris removal, etc.
As you can imagine, it’s quite difficult to establish a firm amount for how much your home should be insured. The value can also vary depending on the season and the year.
The best thing to do is get in touch with an insurance agent and ask them to help you determine replacement cost. There are some companies that have replacement cost estimators which are fairly accurate in my opinion.
Good luck.
OK, so let me rephrase your question. You’re asking, “I wear size 10 shoes, what size pants should I wear?”
See, when you say, “my house is valued at $ 130K”, that could mean, that’s what your property taxes are based on. Or, it could mean that’s how much it’s worth if I SELL it. Neither have ANY relation to how much it would cost to rebuild, if it burned to the ground.
There are several different ways an insurance policy ‘values’ your house, but the best one for you – which is also the cheapest – is a REPLACEMENT value – cost to rebuild.
You need to talk to your agent, to make sure the ‘value’ that you are using, is the same value that your policy requires. Replacement value, market value, functional replacement value, flat, etc. THE TWO NEED TO MATCH, or come claim time, you’ll be mighty upset.
So don’t do this yourself. It won’t cost extra to use an agent, and they’ll make sure you’re insured properly.
I would call the agent he will give you the amount based on the sqare feet of the house.
However i would not insure the house for more than $ 150 per square feet.