Originally Posted by bgaidan
You realize you can insure your property for its replacement value, don't you? Just like a car? Of course you don't.
Contrair, but you would pay up to 3 times the premium with a higher deductible compared to a 20 year old house of equal value. Are you an insurance agent now bgaiden? Evidently you're not for you know absolutely nothing about insuring a 100 year old home but yet show off your own stupidity with childishness insults.
Why in hell would you pay up to 3k a year to insure up to just 120k worth of home with a 20k deductible? Because that's what you are setting yourself up for in trying to insure the value you want. When in essence, if you purchase a 100 year old home in your 20's and live to be in the 80's, congrats! You just paid off your house 2.5 times! Once by mortgage and 1.5 by insurance.
I've went through 4 insurance companies. My current insurance is just under 1400 a year that has a total payout value of 63k if devastation occurred with just a 1k deductible. It has so far been the best I can find so that I can have a mortgage. My tax value is 90k and stagnant. My neighbor with a small doublewide the same damn size and half the property has 145k tax value. Give it the full 30 years of my loan and I have just paid 42k for a 63k insurance policy. Where as I have well over 200k invested. I could call it quits while I was ahead but noooo... a selective few idiots on here would rather blow the rest away and have hardly nothing to show for it. Only because you would rather be tucked under an insurer's arms than to open your little brains and just think ahead of the game.
Besides that, I would have to use 63k to try to build a stupid home. That may get me half way if I do all the work myself with helpers? And then spread out another 10 years of my life. Then I'm stuck with a half ass house, in debt trying to finish, paying rent somewhere else and stuck with nothing to sell but a piece of land and half a livable house. Where as, I could doze the mother fucker down and replace with a doublewide and be miles ahead. Insurance policies only cover the house you are insuring. They won't replace with a mobile home, that is entirely not an option for I tried.
Old home insurance policies are stupid. The reason I went with what I did was because it came with a 1600 sf shop (the same driver of most on here's residential decision making). Is well within my range of price and driving to work. I can be on the lake fishing in less than 10 minutes and I can piss off my front porch without some HOA bitch complaining.
If anybody on here has a 100+ year old house with an insurance policy, I'd love to trade notes to compare. But I refuse to accept childish insults from short syndrome'rs who have absolutely no knowledge on the matter.