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Why do homeowner insurance policies vary so much?

9/5/2019

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Picture
Every insurance company uses some form or a "replacement cost estimator" to come up with a rebuilding value. Since this is what it would cost to replace your home, based on square footage, year built, where it is and any "extra" amentities - this is smart. The problem is that there are many versions of "replacement cost estimators" and no two come up with the same figure.

Us in the insurance world, would wish there would be a more standardized solution or at least less comparisons out there. After all, the cost to rebuild based on square footage in a certain zipcode, will not change. The year it was built and certain things like cherry wood floors would change but not the basic cost per square feet.

That is why independent insurance brokers like us use a variety of insurance companies. To re-build or replace a home could often be $100,000 to $200,000 based on who'e estimator you are using. Then the resulting premium cost vary by $400-$800 a year. So it definitely pays to shop around and get the best cost for your insurance dollars when it comes to your home.

​Tom Larsen
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  • Home
  • Quotes
    • Property Quotes >
      • Landlords Insurance Quote
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Renters Insurance Quote
    • Auto Quotes >
      • Auto Insurance Quote
      • ATV Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Business Quotes >
      • Business Insurance Quote
      • Hair Salons Quote
      • Restaurant Quotes
      • Business Owners Package (BOP) Insurance Quote
      • Workers Compensation Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Umbrella Insurance Quote
    • Other Quotes >
      • Boat Insurance Quote
      • Event Insurance Quote
      • Wedding Insurance Quote
      • Pet Insurance Quote
  • Service
    • Report a Claim
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Policy Review
    • Contact My Carrier
    • Free Consultation
  • Insurance
    • Property >
      • Landlords Insurance
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Renters Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Business >
      • Business Insurance
      • Hair Salon Insurance
      • Restaurant Insurance
      • Business Owners Package (BOP) Insurance
      • Workers Compensation
    • Life/Financial >
      • Life Insurance
      • Umbrella Insurance
    • Other >
      • Boat Insurance
      • Event Insurance
      • Wedding Insurance
      • Pet Insurance
  • About
    • Blog
    • Client Testimonials
    • Refer a Friend
    • Free Reports
    • Staff Directory
    • Insurance Carriers
    • Agency Photo Gallery
    • Accessibility Statement
    • News
  • Videos
    • Landlords Insurance
    • Comprehensive Coverage
    • Independent Insurance Broker VS an Insurance Agent
    • How to Get Good NY Landlord Insurance Policy
    • Homeowner and Liability Risks
    • Homeowners Garage Insurance
    • Property and Landlord Insurance
    • Underground or Service Line Homeowner Coverage
    • Running The Game with Tom Larsen
  • Contact
    • Privacy Policy
  • FAQs