Author Topic: Home insurance policy amount?  (Read 763 times)


  • Handlebar Stache
  • *****
  • Posts: 1665
Home insurance policy amount?
« on: September 11, 2017, 10:14:08 AM »
I am shopping for home insurance.  For my residence.

The insurance companies are telling me I should buy a policy that covers the 'rebuild' cost, which is considerably more than the property is worth, and therefor the premium cost is higher.

I have no affinity to my neighborhood and wouldn't put more money into a property than it would be worth (because of the worth of the neighboring properties).

Do I need a policy (other than liability) for any more than the property is worth?


  • Handlebar Stache
  • *****
  • Posts: 1118
Re: Home insurance policy amount?
« Reply #1 on: September 11, 2017, 12:42:24 PM »
If you have a mortgage you need enough to satisfy the loan.
If you have own the property you need enough to satisfy YOU.

I could not find any company to insure my house in NC for less than 80% of rebuild.  I, like you, would never rebuild the house in that area (I'd clear and sell the lot).

Companies are betting they will not pay for a loss so they want as much from you as they can get.  IF you are willing to take the loss, you don't have to have insurance.  You could just buy a liability policy to protect your other assets.