Need Help Tailoring Homeowner Insurance in WI
April 26, 2010 3:28 PM Subscribe
I am buying my first home in Wisconsin and needs homeowner insurance. Different companies are giving me different suggestions on minimum coverage. Can you help us out?
posted by InvestorMD to home & garden (4 answers total) 3 users marked this as a favorite
My wife and I are buying a home worth $280,000. We want to insure it but different companies seem to be giving us different quotes with different variables.
Dwelling: How much should we really cover? The land is assessed by the city as 50K. Therefore, the house itself seems to be worth 230K. I've been thinking that the interior is probably worth about 30-40K worth of upgrades/appliances/furniture/etc.
We gave GEICO the address and they estimate replacement cost as 348K with a $680 annual premium.. another company estimated replace value as 270K with a premium of $800.
Other structures: We have nothing else on the 0.22 acre property but the attached garage and a small picket fence. Should we be paying this?
Personal Property: We keep getting quoted at like 50-75% of Dwelling value. Am I missing something here because I don't believe I have more than 30K worth of belongings in the house.
Personal Liability: Someone suggested getting 300K. The insurance agents keep warning me that Wisconsin has laws giving 500K in cases of wrongful death of adult. (I don't have a pool. The only way I can forsee someone dying on my property is trying to hop over the fence and being pierced by a picket fence..?
Medical payments: You get the picture.. I have no idea whats a good number..
In conclusion, my wife and I want to insure against catastrophic things. Fire burning down our house.. Backup of sewers/drains.. Tornados.. Someone dying on our property and dependents claiming it was our fault.. A burglar trying to break in and becoming a handicap after dropping the TV on his feet..
We are fine with $1000 deductible and won't make claims for hail breaking a window or other minor things that our emergency fund can't handle.. It's a big things that we would like to insure against.
Can anyone help us make the right choices?