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LHEMPEN's Photo LHEMPEN SparkPoints: (23,315)
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2/17/09 4:20 P

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I know a lot of people either take pictures of those values instead their home such as computers, electronics, ect..that would need to be replaced so that if something happens to the house there is a record of it. When a tornado hit our house in 2006 the adjuster had a line item of what it would cost and the maximum they would pay for each item we needed to replace for the most part their replacement value was much higher then what we had orignally paid, so it worked out for us, but at least I did have an inventory of certain electronics.




The miracle isn't that I finished. The miracle is that I had the courage to start."
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MRSFIXIT's Photo MRSFIXIT SparkPoints: (0)
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10/7/08 4:19 P

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I didn't realize the insurance companies would depreciate the original price of the house. That's nuts, especially when house prices typically increase! I guess I'll have to make a point of that coverage being correct. My thought on insuring the house itself was to go by the value of the appraisal, then add what we put in for materials, plus a little extra for our labor.

When it comes to belongings, I'm more confused because I can't imagine most people having an actual inventory of everything they own. How do you know how much to cover, & if something did happen, how would you prove your losses? I KNOW on belongings, you need replacement cost!

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

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JULESGL's Photo JULESGL Posts: 9,609
10/7/08 12:24 P

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I am more worried about the physical structure and replacement of my home. I do not own much inside the home that would have great monetary value - just sentimental.

The only thing I really worry about is that my insurance company has "replacement cost" value to it. I do NOT want to buy a home for $200K, have it appreciate to $300K, something happens and the bank only covers the original cost plus some percentage (like 10% - 20%) THAT would be a financial nightmare. I'm OK with paying a little more for my homeowners insurance right now and knowing that I've got that replacement guarantee rather than paying a lower rate over the course of the year and having to have it re-inspected each year.....

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JONQUIN's Photo JONQUIN Posts: 236
10/7/08 8:45 A

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It's time for me to review my insurance too. I think Suze Orman had a segment her show for suggested coverage. Check her website at www.suzeorman.com . I'll be doing the same. Now to get my property taxes down. lol. They went up $400 this year.

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MRSFIXIT's Photo MRSFIXIT SparkPoints: (0)
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10/4/08 1:39 A

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We've had 2 different banks tell us that our homeowner's insurance seems high. This is something we've been talking about reviewing for a while, but I'm not sure just how we should figure the coverage we need. How do you all determine your needs? Have you done an actual physical inventory of your belongings? Do you count what you pay for cabinets, appliances, built-ins, & such, or do you figure these are part of the house itself, rather than your belongings?

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

home.roadrunner.com/~andydonna


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