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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: David Jones who wrote (1002)10/31/2001 9:14:21 PM
From: GraceZRead Replies (1) of 306849
 
If your exceed the amount writen into your policy for structure replacement your on your own.

Of course, this is why when you set up the policy you get an accurate price for the per square foot cost of re-building the house and insure for the full replacement cost even if it is way above the market value of the house. Then you also get an inflation adjustment built into the policy so that the coverage is raised each year to the full amount of replacing the home. If you don't do this the insurance company will only cover a portion of a partial loss. Too many people find out the hard way that they needed to do this. But the good news is that many lenders require that they get this kind of policy.

Though I have had to more than once increase my liability coverage

If you find yourself increasing liability on all your different policies it might be time to consider an umbrella policy that covers all of them where the minimum liability leaves off. Between the two of us, my husband and I have 3 cars, one business, 3 houses. That's a lot of policies and all of them have liability coverage. The umbrella is only about $125 year for a million coverage and it beats hell out of going around constantly raising the coverage on all the other policies individually. The only caveat was that I had to change all the underlying policies to the company that holds the umbrella. The good news is that I'd been trying to do this for years, get all my policies from one company just to simplify my life and it it was impossible until I went shopping for that umbrella and they gave me very competitive rates.
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