Home Insurance replacement cost for historic home

Pure is another option that’s like Chubb

arewedoneyet

in General Discussion 4 years and 3 months ago

2

Please log in, in order to post replies!

2 replies

Newest Oldest

colonialrevival | 4 years and 3 months ago

string(1) "1"
object(WP_User)#4949 (8) {
  ["data"]=>
  object(stdClass)#4925 (12) {
    ["ID"]=>
    string(6) "195334"
    ["user_login"]=>
    string(15) "colonialrevival"
    ["user_pass"]=>
    string(63) "$wp$2y$10$Hpn.MvIYV2j2Kft6cDVr4.jKbMsc0PGBNtt82m4HCHW65doZ2BIOW"
    ["user_nicename"]=>
    string(15) "colonialrevival"
    ["user_email"]=>
    string(25) "bergdoll.joseph@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2024-03-27 02:33:20"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(15) "colonialrevival"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(195334)
  ["caps"]=>
  array(1) {
    ["participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(0) {
  }
  ["allcaps"]=>
  array(1) {
    ["participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Our home has the overwhelming majority of its original “character”, which has been kept in decent-to-good condition over its lifetime. What should I be asking for when it comes to replacement cost? Is there a good rule-of-thumb multiplier? Any other tips as we re-evaluate our home insurance?

cobblehillhome | 4 years and 3 months ago

string(1) "1"
object(WP_User)#4948 (8) {
  ["data"]=>
  object(stdClass)#4947 (12) {
    ["ID"]=>
    string(6) "178978"
    ["user_login"]=>
    string(14) "cobblehillhome"
    ["user_pass"]=>
    string(34) "$P$BOUeOqRDqhvYmYxMf8DsOr2vJ8Eigq0"
    ["user_nicename"]=>
    string(14) "cobblehillhome"
    ["user_email"]=>
    string(19) "joshpanas@gmail.com"
    ["user_url"]=>
    string(29) "/forums/users/cobblehillhome/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:38:00"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(14) "cobblehillhome"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(178978)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

You should go with Chubb if you’re risk adverse, want a premium service if it comes to a claim. But they will be expensive. Chubb will “over insure” your home to account for the replacement cost of the original materials. They do not have a cap on the replacement value though, so let’s say your home costs $2M, they insure it for $3M (I was told they calculate the replacement costs at $700/sq), and if complete replacement ends up costing $5M, they should still pay it all. (Number for illustrative purposes)

Full transparency: I don’t have Chubb but went through an extensive research and ended up going with Cincinnati Financial since my home did not have any original character left and I didn’t want to pay the Chubb price. (https://www.brownstoner.com/forum/#!/general-discussion:new-townhouse-owner-many)