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re: Homeowner insurance question regarding dwelling protection vs replacement cost
Posted on 1/29/14 at 12:43 pm to Htown Tiger
Posted on 1/29/14 at 12:43 pm to Htown Tiger
Replacement Cost is the estimate of an insurance company's max payout. They would not pay you an extra 40k if they can rebuild your home for 260k. Insurance makes who whole again. It does not exist to help people profit.
In regards to your mortgage, you are forgetting the cost of land that was purchased along with the home. It's natural for the note to be somewhat higher than the actual replacement cost of a home.
I would save the money on the premium if I were in your shoes. I'm sure you could leave it, but you'd just be paying extra.
In regards to your mortgage, you are forgetting the cost of land that was purchased along with the home. It's natural for the note to be somewhat higher than the actual replacement cost of a home.
I would save the money on the premium if I were in your shoes. I'm sure you could leave it, but you'd just be paying extra.
2
Posted on 1/29/14 at 12:59 pm to krange1
quote:
krange1
quote:
Mr. Perfect
Thanks. This helps. May as well lower the premium.
Posted on 1/29/14 at 4:07 pm to krange1
quote:
you are forgetting the cost of land
and if you read closely the slab isnt covered either. That value will be subtracted from the total payout. They expect you to build the same jouse in the same place.
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