[batman911]

We are building a Lantana and will close in March. I have obtained home insurance quote from several companies and agencies. The price difference range is about $500 between the highest to lowest quote. One of the differences I noticed is the dollar amount for total replacement cost coverage. The highest is $384K and the lowest is $279K. Needless to say the annual cost of the policy is affected by this number. The $279 figure came from ASI through USAA. Even though there is an inflation protection increase yearly, I am concerned with having sufficient coverage should it be needed. Can any other Lantana owners provide a ball park figure of the replacement value on their home insurance policy? I know it will be a little different due to installed pools, expansions, location but just a base figure and if you have a pool or GC garage or not. Thanks in advance for any assistance provided.

[blueash]

Up to you but you may wish to consider insuring for just the cost of the building and perhaps a little for demolition costs in case of a total loss. There is no reason to insure based on the purchase price which includes land costs and also you can likely subtract the cost of the slab which is unlikely to be damaged by fire. This assumes you would rebuild at the same site. Do you need to cover costs to live elsewhere during that time? How much coverage for the home's content? Discuss these options with your agent...

[Villages Kahuna]

Originally Posted by batman911

We are building a Lantana and will close in March. I have obtained home insurance quote from several companies and agencies. The price difference range is about $500 between the highest to lowest quote. One of the differences I noticed is the dollar amount for total replacement cost coverage. The highest is $384K and the lowest is $279K. Needless to say the annual cost of the policy is affected by this number. The $279 figure came from ASI through USAA. Even though there is an inflation protection increase yearly, I am concerned with having sufficient coverage should it be needed. Can any other Lantana owners provide a ball park figure of the replacement value on their home insurance policy? I know it will be a little different due to installed pools, expansions, location but just a base figure and if you have a pool or GC garage or not. Thanks in advance for any assistance provided.

ASI knows The Villages very well. If yours is a frame Lantana, that $279K number seems OK. Remember, that number covers only the total replacement of the house--not your lot, the birdcage, lanai, driveway, or the contents, which is covered separately.

If yours is a standard sized Lanatana, about 2,050 square feet, that $279K number amounts to $136 per square foot, which seems to be a pretty accurate and generous allowance to me. $384K would mean an allowance of $187 per square foot, an excessive replacement cost allowance in my judgement.

Given the choices you cited, I'd go with ASI.

[784caroline]

We have an expanded Lantana Block stucco (2450sf) and after alot of discussion with USAA who is our insurer (parent company not ASI), as well as their cost estimating people, we got a a re-build number very similar to yours and that was at full replacement cost and for 400sf more house than the standard CBS lantana. Now one thing that the USAA (parent) policy has is a 25% home protector provision which would provide addition re-build insurance of apprx. $70K....so with that I was comfortable with their number.

Many people are way over insured (and paying for it) if in fact they are insuring their property for the home sales price...especially if they bought a premium lot. Just remember that insurance replacement cost values DONOT reflect current market values.

[batman911]

Thanks for all your inputs. My concern is that we added lots of SF and upgraded from the standard offerings. I thought that the summer kitchen and bird cage would be covered as it is attached permanently to the home. I will check with the agencies as it may vary from one to the other.