Our "dwelling coverage" was double the value of the house and entire property. We left one company over their explanation for it.

The truth as best as I can hash it out amongst ALL THE BS, is you live in a high risk location and you are actually being charged for risk. I guess they justify the higher premium through significantly overdoing the dwelling coverage, when they should just be able to say "its risky to cover you and heres our price."

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Posted by Im4datigers

Northern Virginia

Member since Oct 2003

4466 posts

Posted on 2/1/23 at 3:42 pm to BarleyPop

Had to downvote you for good old times sake barleypop! Just f-ing with you. Don’t implode on us again

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Posted by meansonny

ATL

Member since Sep 2012

25780 posts

Posted on 2/1/23 at 5:08 pm to BarleyPop

quote:
I guess they justify the higher premium through significantly overdoing the dwelling coverage

It is just a calculator.

Sometimes the number it spits out is wrong because the information plugged in is wrong (counting basement area as part of the square footage, listing an attached garage when it is built-in).
Sometimes the number it spits out is wrong because it isn't calibrated geographically (i.e. different construction costs in Iowa vs Louisiana vs New York vs California).

The cost calculator assumes the responsibility of determining how much a contractor needs to rebuild the property brand new including demolition and debris removal.
If the calculator is short and your policy causes you damages, then you have a lawsuit claim against the insurance company for failure to perform a duty. If enough people have that, then you have a class action claim. Needless to say, the calculator isn't built to be on the short side.

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