An interesting thing that most people don’t realize is that land in some markets like Florida is worth most of the price of a home. So in those areas, You should only insure for the building value. And be prepared to sell the land if something happens. Between the land and the insurance money you should be able to buy your next used home. Insurance tries to make you think you have to insure the land and your new house is the same as your old house. Likely a new home (if you have replacement value insurance) is an upgrade and you should not be insuring an upgrade.
Good points—especially for FL and CA which have been hard hit.
Our insurance is reasonable but the quoted replacement cost for the home is ridiculous—more than three times what we paid for it twenty years ago—and it was not new then.
If the rates start jumping I will definitely be looking at lowering that replacement cost—if the replacement is a slight downgrade no big deal.
HAVE OWNED 4 houses—some with acreage.
HAVE NEVER SEEN ANY COVERAGE FOR “LAND” ONLY STRUCTURES.
AND LIABILITY