How does my home value appreciate but according to my insurance company the roof is depreciating even though I have full replacement coverage?
Total Comments: 12
Posted: Mon Nov 03, 2008 11:14 am Post Subject:
I never even knew that auto adjust feature was in a policy. I too have seen my cost of coverage go up and now I understand why. Something else I asked my insurance agent about when trying to figure out why it increased (before last years mishap) Is they had coverage for outside builindgs in the amount of $8000. I told them I didn't have any outside buildings. They told me it was a mandatory coverage and it had to be put on my policy regardless. Is this one of the examples you are talking about? Or is this a whole other scam?
Posted: Mon Nov 03, 2008 11:45 am Post Subject:
Well fire that's really not a scam...all ho policys are basically the same as far as this goes, for instance dwelling is insured for 100k, automatically any out buildings are 10k, contents 50k, and so on...unless it's a case where you need to add coverage there is a percentage forumala for these coverages, however, I agree with you in that if you have no out buildings you should be able to wave that coverage thus saving some premium...just an fyi, as long as i've been around insurance it has been this way (re out buildings etc)...just the way the policys are written.
Posted: Mon Nov 03, 2008 11:14 am Post Subject:
I never even knew that auto adjust feature was in a policy. I too have seen my cost of coverage go up and now I understand why. Something else I asked my insurance agent about when trying to figure out why it increased (before last years mishap) Is they had coverage for outside builindgs in the amount of $8000. I told them I didn't have any outside buildings. They told me it was a mandatory coverage and it had to be put on my policy regardless. Is this one of the examples you are talking about? Or is this a whole other scam?
Posted: Mon Nov 03, 2008 11:45 am Post Subject:
Well fire that's really not a scam...all ho policys are basically the same as far as this goes, for instance dwelling is insured for 100k, automatically any out buildings are 10k, contents 50k, and so on...unless it's a case where you need to add coverage there is a percentage forumala for these coverages, however, I agree with you in that if you have no out buildings you should be able to wave that coverage thus saving some premium...just an fyi, as long as i've been around insurance it has been this way (re out buildings etc)...just the way the policys are written.
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