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Glenda Said:

How much would it cost to rebuild my townhome ? an Insurance quote question.?

We Answered:

$100 per square foot is certainly a safe way to go. But it may depend on the cost for the insurance and all of the provisions in the policy. If there is a substantial difference in cost for the insurance if you are at $100 verses $90 per square foot, then you will want to come as close as safely possible on the number you plug in. Knowing nothing about the construction business at all and going back to the original cost of 300K that's only $150 per square foot. But included in the 300k is the cost for the land and the shell, or exterior, as well as costs for marketing or real estate fee's and builders profit. The actual cost for only the interior will obviously be substantially less than the $150 number. $100 per square foot would be more than safe.

However you will want to check the policy to see what if anything is allowed for clean-up and removal of the fire damaged materials. Typically coverage for this will be included and is in excess of the per square foot figure you must provide. If this is something that is not included then talk to the insurance provider (they should have adjusters that can give you a very accurate number) to find out what the standard amount would be and adjust your square foot number accordingly to allow for the initial clean-up phase before reconstruction can begin.

The best way to get a really close square foot number, should it be necessary, would be to simply call a few builders in your area, and pick one of their numbers at the higher end of the range.

Jeanette Said:

How should I shop for home owners insurance.?

We Answered:

To make sure you have the right coverage, read any proposed policy very carefully! You have a period to review the policy during which you can cancel without a penalty. Be sure to ask any company or agent what that period is to confirm how much time you have to review the policy.

Be sure to answer all questions asked by the insurer or its agent truthfully and fully. If you are found to have withheld information that is pertinent to your coverage, you can have your coverage cancelled immediately.

Beyond that, you aren't required to volunteer anything that isn't asked or doesn't pertain to your coverage.

Sometimes, an agent or company will ask for your social security number, in order to do a credit check. While it isn't a bad thing for an insurer to check your credit, you NEVER want to volunteer your SSN. Given the fact of identity theft, this is critical information that you only want to give when absolutely required by law. An insurer can do a credit check without this number.

Ernest Said:

insurance question. Can you get a landlord policy instead of the standard home owners policy?

We Answered:

Bottom line here is....do you want your contents(i.e., furniture, clothes, bake ware, towels) of your home covered if there is a loss? That's the difference between the two. The Rental dwelling(landlord) policy covers just the building itself and that is it. I hope you don't live in a tornado or hurricane zone of TX.....unless you have $$$ put away to repurchase the contents of your home in the event of a total loss. I would not switch if I were you. If your company/agent is begging you to switch...you should look for another company that cares a little more that everything you have is covered at 100%. Good luck!


Check out this web site to compare policies
http://www.opic.state.tx.us/hoic.php