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December 14, 2007
Dwelling insurance
Question for folks on Insurance. When running through the amount of Dwelling insurance coverage it seems that there are standard programs which produce an amount but it's largely based on Aq fottage.(give or take some features of the house) Do folks agree that if we were to rebuild then a good estimate would be $300-$350 per square foot ? Appreciate your thoughts.
Comments
I'm in the process of renewing my policy with the Brownstone Agency. FWIW the figure they recommend for a 'landmarked" house is $300/sq. ft.[Presumably they use a lower figure for a house not in an historic district].
BTW, I know people on this forum tend to bad mouth BA, but this will be my 11th 3 year renewal and I've never had a problem [of course, I've never had a claim either, so what do I know?].
Posted by: Bob Marvin at December 14, 2007 3:41 PM
Your estimate is in the right range. If your house is dripping with details, however (expensive woods, elaborate plasterwork etc.), don't expect to get all those recreated within that number in the event of disaster.
Posted by: johnife at December 14, 2007 4:49 PM
Thanks folks I appreciate your comments. Seems like we are ball park correct. We changed insurers this week from AIG to Liberty mutual and the premiums went down from $4600 per year to $2026. Only difference was that the dweilling coverage had gone down from $1m to 825k.
Posted by: 10thStreetReno at December 14, 2007 5:04 PM
Hey 10thStreetReno: I just got dropped by Liberty Mutual stating I'm a hurricane risk here on 6th in the Slope. It wasn't personal (never submitted a claim). I'd be interested to know if you are in Park Slope?
Posted by: guest at January 8, 2008 4:16 PM
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