re: Homeowner insurance cost question

I convinced my agent/friend to come walk around the house and yard with me. I have 6+ acres in the city limits and my house was built in the early 60s and is about 4k-sqft. I showed him my appraisal and we discussed why the house was valued around $400k (I paid less than $300k) and not so much more. I somehow convinced him that if we were forced to rebuild, we’d go much smaller and the value of our place was in location/land/60yr old oaks.

It took some very creative work on both our parts. In reality the cost of building anything new now would probably have me just sell the place and move because the current job situation for us is WAY different than when we bought and interest rates were less than 4%. No way I could afford to buy this place today. Two car notes/teenager insurance, two in college, wife’s job changes… we’re blessed to have what we have but we are in over our heads in today’s market.

TLDR:Basically he was able to convince the carrier that replacement cost in our area was substantially lower than typical and he lowered their value to a number and we chose to insure the lowest percentage of that they would allow.