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Reply to "How much homeowners insurance?"
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[quote=Anonymous]You need enough to rebuild your above-grade home and replace furnishings. You could get a rough contractor estimate, or use an insurance company calculator. Keep in mind that many insurance companies use "builder-grade" estimates, which would rebuild your kitchen in the cheapest home depot stuff available. We used an estimate of about $100 psf to rebuild, and $25 psf to replace furnishings. Then we asked for an endorsement to get actual replacement cost, up to an additional 20% of the insured value plus an endorsement that further raised the labor rate in the event that labor costs spiked due to mass rebuilding. Overall, it costs us about $900 to insure $450,000 face amount. Our house is worth between 750 and 800, because as you noted most of the value is in the land. Construction costs have gone up significantly since 2008, that could be part of the change. [/quote]
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