Home Owners Insurance

Guys,

We have regular Home Owners Policy from Farmers, I thinks it covers Zilch..

I am new to Loudoun, and Virginia.

What natural calmaties coverage i should carry on Home owners insurance.

I Guess i can rule out

Earthquakes
Hurricanes ??
Tornadoes ??
Air Plane Crashes anyone ...

 

Main thing is make sure there is no cap on replacement value insurance read the fine print as my next store neighbor found he had a cap and it would be not enough to rebuild at current prices.

I am with Chubb and they are excellent even came out and did there own appraisal which was right on and inventory and lots of pictures.

Put in all in a nice bound book with me and my wife's name engraved on it.

I wonder what that cost them or should I say cost me!!!! ha ha

We have a high deductable because I would personally rebuild our home and we don't have any expensive jewelry etc. Got to love Dalyn loves her costume jewelry. ha ha ha Did not want any big diamonds on any of our anniversaries and loves the little fake one I got her when we got engaged ha ha.

We have had two homes burn down in our neighborhood and one actually burnt twice. I don't know the reason, but it is taking forever to rebuild them.

Anyway to answer your question all those natural things can occur here but fairly rare. Although with two new runways going to be built an airplane crash could be possible although god forbid it would ever happen. We do get power surges occasionally and lightning. Most important don't make any of your neighbors mad they can be a real reign of terror on your home especially after you read these forums for awhile. ha ha ha

Lee

 

Lee, you might know the answer to this? I spoke with my insurance company today and they said that they base the rebuild cost based on the number of square feet.

Any ideas as to how much it would cost these days based on square footage? What would be a ballpark figure for "per square foot"?

Any names of who to contact to get estimates for rebuilding to make sure we have enough coverage?

 

It's been a long time since I had an active property and casualty insurance license, but I can tell you some general things to look for and to ask a current agent. Unless you have a very old home, most policies you get will cover the replacement cost of your home. It was always harder to pinpoint a cost-per-square-foot for insurance when I was in the biz, unlike real estate.

You usually can add earthquake coverage if that's something that concerns you, but it's expensive because any earthquake damage usually results in a total loss. Hurrican and Tornados are not generally listed as seperate coverage because they are just wind, water, hail, etc damage that a typical policy will include. The kicker to be aware of anywhere is flood insurance (when the water table actually rises) because this is not covered under a homeowners policy, but can be required if you're ina flood zone and you can only get it through FEMA.

Something else to ask about is Sewer-Back-up coverage - that can be a messy event and usually is relatively inexpensive to add in. Any special valueables will be limited in a policy, so may any property that is used for business or work - this can be important even if someone telecommutes.