How much insurance - The HuntingPA.com Outdoor Community
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post #1 of 8 (permalink) Old 08-20-2019, 04:53 PM Thread Starter
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How much insurance

Wondering how much insurance to carry on our tiny cabin, only 384 sq ft. Between the structure (15K) and contents (8K) we have 25K or less and we are paying for 80K to our carrier. So I'm wondering how much others are carrying. Thanks
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post #2 of 8 (permalink) Old 08-20-2019, 04:58 PM
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seems correct, how much liability if someone gets hurt on your property ?? Anymore that seems like the number you have to worry about the most..

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post #3 of 8 (permalink) Old 08-20-2019, 05:03 PM
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It is my understanding, and correct me if I'm wrong, your policy should cover needed funds to clear the site after the loss (for example, a fire), funds to prepare the site for the new build, funds for the actual new construction, and then funds to replace contents. $80K is going to go fast, especially if anything at your current location is grandfathered in and the new structure needs to meet current code requirements.

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post #4 of 8 (permalink) Old 08-20-2019, 05:04 PM
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Quote:
Originally Posted by Wayne Valentino View Post
seems correct, how much liability if someone gets hurt on your property ?? Anymore that seems like the number you have to worry about the most..
A general liability rider on your policy is prudent, this is a good comment Wayne.

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post #5 of 8 (permalink) Old 08-20-2019, 05:25 PM
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Quote:
Originally Posted by bobdoo View Post
Wondering how much insurance to carry on our tiny cabin, only 384 sq ft. Between the structure (15K) and contents (8K) we have 25K or less and we are paying for 80K to our carrier. So I'm wondering how much others are carrying. Thanks
Remember, replacement costs will increase annually, so you are better off being a bit over insured that under insured.
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post #6 of 8 (permalink) Old 08-20-2019, 05:53 PM
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Quote:
Originally Posted by bobdoo View Post
Wondering how much insurance to carry on our tiny cabin, only 384 sq ft. Between the structure (15K) and contents (8K) we have 25K or less and we are paying for 80K to our carrier. So I'm wondering how much others are carrying. Thanks
You can either have replacement cost or actual cash value.Currently the average cost of new construction is $140/sq ft depending on many different factors.That would be about 54k if you had a basement.I would say your way over insured for a cabin that's less than 400 sq ft.Removal and cleanup of debris is 5% of the total cost of the claim.
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post #7 of 8 (permalink) Old 08-21-2019, 07:23 PM
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I'd agree your over insured for such a small place. Just because it's insured for 84k doesn't mean they'll cut you a check for that in the event of a total lose. Most agents have a replacement cost estimator that can get you in the neighborhood of an appropriate value. I'd talk to the agent or the carrier if you deal direct.
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post #8 of 8 (permalink) Old 09-07-2019, 08:53 PM
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I agree with Woods Walker, dce , and innatree, also talk to your agent like innatree said
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