insurance

Homeowners Insurance

Do we still need to pay the high premiums on Homeowners Insurance, flood, windstorm, now that the value has dropped on our homes. For example my home was valued at 210,000 thousand now its valued at 170,000. Do I still pay the high rate @ 210,000 or call and get it reduced to a lower rate. My Insurance co. has not called to reduce it to the lower rate @ 170,000.

Thanks Sharon

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4 Answers

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URI93 Answered:

You probably won't see a reduction since the cost to rebuild a house (wood, flooring, plumbing, electical, etc.) has kept rising and rising and rising.

Posted 2 years ago

Sometimes we put up walls not to keep people out, but to see who cares enough to break them down.

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JPlanSmart Answered:

Tell the bank who owns your mortgage that you are taking a new Homeowner's insurance with a lower value. Check with a casualty agent in your area.

Posted 2 years ago

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Brook Jolley - Life Planning TN Answered:

Go to a new P&C carrier and ask for quotes till you find someone that will price it better.

Posted 2 years ago

<a href="http://www.lifeplanningtn.com/" rel="nofollow">Tennessee Health Insurance</a>

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mathew.perry Answered:

It would be good idea to check with your home insurance company Sharon. If your house is insured for replacement cost, there are chances that will take into account the present cost of rebuilding the house from scratch and honestly I don’t see much scope in that going down.