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Buying a house and the bank wants to see an insurance policy purchased up front, this is a little different than I remember the last time we bought a house as they took care of everything. My question is how much am I required to insure? The loan amount will be for around $ 300,000 but it’s a standard ranch style house about 2200 square feet, nothing special about it. The insurance company says it doesn’t need to be for the exact loan amount. About how much would it cost to build a new house if a meteor crashed into it?

5 Thoughts on How much home insurance coverage should I get for the dwelling?
  1. Reply
    car253
    June 17, 2011 at 5:51 am

    The insurance agent should be doing some work to help you figure out what the cost of rebuilding the home is. It would just be an estimate and its up to you to pick the coverage, but the agent should be advising you. And, you do not need the insurance until your ready to close.

    Call and ask escrow. Escrow is the place that needs the insurance info and NOT the bank. Escrow will give the bank the insurance info when they are suppose to get it. Tell the bank to get the insurance info from escrow and not from you. And, have your insurance agent call escrow to give them the insurance info and what they need.

  2. Reply
    mbrcatz
    June 17, 2011 at 6:11 am

    You need to talk to a local agent.

    There are four different valuations, and about 6 different types of policies. You have to insure for your policy type and valuation type.

    On a standard HO3 policy, you should insure for either 80%, 90%, or 100% of the cost to rebuild your house. Your local agent can help you figure that out. In most parts of the country, it’s going to be about $ 200 to $ 250 per square foot – assuming you’re measuring the outside of the house.

    More importantly, you need to add in the exact customizing endorsements you need, to get good coverage value.

    Don’t try doing this yourself over the internet – get specific advice from a local agent.

  3. Reply
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    June 17, 2011 at 6:44 am

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    June 17, 2011 at 6:48 am

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  5. Reply
    Clay
    June 17, 2011 at 6:52 am

    You can easily check your quotes in internet, for example here – homeinsurance.awardspace.us

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