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Homeowner Forum / General / October 2008Homeowners Insurance
I am using Allstate here on Long Island. I bought a house in 2004 and the policy for my (then) $350,000 house cost me $850 ($350,000 Dwelling Protection, $34,000 Other Structures Protection, $238,000 personal property protection, $300,000 family liabilty protection and $5,000 guest medical. My question is this.... I have a basic 3BR ranch with a full finished basement. If the thing burnt to the ground, it would not cost $350,000 to replace. It would cost about $100,000 or maybe $125,000. You cant insure dirt and land, so why am I paying for $350,000? Also, my contents cannot be worth more than $50,000. It sounds like I am way overinsured. I know someone is going to say that I should be asking my agent these questions. I am going to call tomorrow. I just want to hear from any of you who realized this scam and lowered your coverages to a more realistic amount. Tony > I am using Allstate here on Long Island. I bought a house in 2004 and > the policy for my (then) $350,000 house cost me $850 ($350,000 [quoted text clipped - 12 lines] > tomorrow. I just want to hear from any of you who realized this scam > and lowered your coverages to a more realistic amount. You're thinking along the right lines. Homeowners insurance needs a review every few years to make sure you're still in the right ballpark.  SignatureSteve Bell New Life Home Improvement Arlington, TX >I am using Allstate here on Long Island. I bought a house in 2004 and the >policy for my (then) [quoted text clipped - 18 lines] > > Tony Building a house on Long Island is not cheap. Construction costs on LI are in the $150 to $200 per square foot range, so even a 1000 sq ft house will cost you $150,000 to $200,000. > >I am using Allstate here on Long Island. I bought a house in 2004 and the > >policy for my (then) [quoted text clipped - 22 lines] > in the $150 to $200 per square foot range, so even a 1000 sq ft house will > cost you $150,000 to $200,000. How much of that is land cost? SignatureKeith >> >I am using Allstate here on Long Island. I bought a house in 2004 and >> >the [quoted text clipped - 32 lines] > > How much of that is land cost? Zero. > >> >I am using Allstate here on Long Island. I bought a house in 2004 and > >> >the [quoted text clipped - 34 lines] > > Zero. Then those are absurd construction costs. SignatureKeith >> >> >I am using Allstate here on Long Island. I bought a house in 2004 and >> >> >the [quoted text clipped - 38 lines] > > Then those are absurd construction costs. Have you priced labor and materials lately? What are up to date construction costs in your area? Nothing is cheap on Long Island or anywhere in the New York Metropolitan area. > >> >> >I am using Allstate here on Long Island. I bought a house in 2004 and > >> >> >the [quoted text clipped - 42 lines] > construction costs in your area? Nothing is cheap on Long Island or > anywhere in the New York Metropolitan area. Yeah, sorta. I just bought a new house, land included, for less than $120/sq.ft. 2600sq.ft., four (3-1/2) bathrooms, granite counter tops troughout. Materials costs don't vary much across the country. The transportation costs to LI aren't *THAT* high. Labor, may cost a bunch more than other locations, but that should be somewhat better since the bubble burst. Yes, $200/sq.ft construction cost is absurdly high. SignatureKeith >> >> >> >I am using Allstate here on Long Island. I bought a house in 2004 >> >> >> >and [quoted text clipped - 57 lines] > somewhat better since the bubble burst. Yes, $200/sq.ft > construction cost is absurdly high. Unless you live around New York City you don't understand what things cost there. Here is an example of what a new house costs on Long Island and can verified at the Nassau County Assessment website http://www.nassaucountyny.gov/mynassauproperty/main.jsp 56 Fairview Ave, Port Washington, NY 11050 Constructed in 2007. Land 0.1421 acres (6188 sq ft). Living space 3074 sq ft. Sold for $995,000 on 08/08/2007. Assessed at $1,097,300 for 2008-2009. Almost identical house next door sold for $998,000 on 08/23/2007. > >> >> >> >I am using Allstate here on Long Island. I bought a house in 2004 > >> >> >> >and [quoted text clipped - 60 lines] > Unless you live around New York City you don't understand what things cost > there. I used to live "around" NYC and I do understand what things cost. That much for *construction* is nuts. Land is another animal. They still make a lot of 2x4s. They don't make any more land. > Here is an example of what a new house costs on Long Island and can verified > at the Nassau County Assessment website [quoted text clipped - 6 lines] > > Almost identical house next door sold for $998,000 on 08/23/2007. Evidently you can't read. SignatureKeith >> Tony > >Building a house on Long Island is not cheap. Construction costs on LI are >in the $150 to $200 per square foot range, so even a 1000 sq ft house will >cost you $150,000 to $200,000. I wouldnt be able to sell my house for $325,000 at this point. Even so, my house is 1000 sq/ft. I cant include the full finished basement as living space. I know a guy that delivers and customizes moduler homes and it would cost $85,000 delivered. Even at your $150,000 - $200,000 estimate, I am nearly insured for double the value of the house. Tony > >I am using Allstate here on Long Island. I bought a house in 2004 and the > >policy for my (then) [quoted text clipped - 22 lines] > in the $150 to $200 per square foot range, so even a 1000 sq ft house will > cost you $150,000 to $200,000. I second that. In fact, I think $200 / sq. ft. is probably low for LI. It costs close to that for new construction in Charleston SC. T |
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