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#151688 - 06/29/07 11:33 AM Replacement Costs on older houses?
catgirl Offline

Registered: 06/23/07
Posts: 43
I am not understanding this whole "replacement Costs" regarding insuring older houses. I have called around to 5 different agencies and they keep giving me outrageous quotes for house I am to buy. Does anyone have any suggestions as to how I can get a lower quote? The house is only 35,000 and I am getting replacment costs for up to 200,000!!!!!! Which is giving me very high payments a month.
My lender said I need to have a year paid upfront also is this common?

Any suggestions??

Thank You!

#154313 - 07/10/07 09:28 AM Re: Replacement Costs on older houses? [Re: catgirl]
jstip Offline

Registered: 08/23/06
Posts: 217
Loc: Central PA
Market value does not equal replacement cost. Cost does not equal value. Some insurance companies offer a 'market value' or 'agreed value' policy, you just have to call around. You are also required to pay the policy in FULL the first year.


#225422 - 05/08/08 08:41 PM Re: Replacement Costs on older houses? [Re: jstip]
DennisVolz Offline

Registered: 05/07/08
Posts: 20
Loc: San Diego, CA
Can be a complicated question. Short n simple is: You want to insure your home for what it would cost to rebuild with similar construction. For more info see my post How Much Homeowners Insurance Do You REALLY Need? at
Dennis Volz
SF Insurance Agent since 1978
Website: Dennis Volz Insurance
Blog: The San Diego Insurance Blog

#395908 - 11/30/11 04:14 PM Re: Replacement Costs on older houses? [Re: catgirl]
Shannon22 Offline

Registered: 11/29/11
Posts: 31
Loc: Kansas
Very interesting responses. Not in a million years would I have guessed the replacement costs to be that high. I guess that's why it's good to bounce around until you hit a desirable quote.


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