by Guest » Fri Dec 19, 2008 07:28 pm
Hi, this q is mainly regarding the optional replacement cost coverage with Foremost. They pay new cost to replace items and the dwelling with this option, but also there's a confusing bit about coverage up to 120% of the insured amount on their website:
"With this optional coverage you can receive up to 120% of the insured amount, if needed, to replace your home."
Question is, I found out that optional repl for the dwelling and personal property are separate. I only have repl cost for personal property, which was insured for a low amount. PP totals came over 3x the insured amount, unfortunately, and I wanted to see if anyone is familiar with the details, if 120% of the personal property limit could be covered. My adjuster says this only applies for dwelling repl coverage.
No complaints about the insurance, as they've come thru in a couple of months. A lot of the money lost on personal property is made up with the dwelling coverage, so it should even out alright.
Thanks!
"With this optional coverage you can receive up to 120% of the insured amount, if needed, to replace your home."
Question is, I found out that optional repl for the dwelling and personal property are separate. I only have repl cost for personal property, which was insured for a low amount. PP totals came over 3x the insured amount, unfortunately, and I wanted to see if anyone is familiar with the details, if 120% of the personal property limit could be covered. My adjuster says this only applies for dwelling repl coverage.
No complaints about the insurance, as they've come thru in a couple of months. A lot of the money lost on personal property is made up with the dwelling coverage, so it should even out alright.
Thanks!
Posted: Thu Aug 27, 2009 01:46 am Post Subject: Foremost
Actually what they do is depreciate your personal property, then you have to spend the money to recover the rest.
EXP: Personal Property 45,000
Minus Depreciation 16,000
Minus Deductible 500
Minus Check the adjuster gave you after fire (3,000)
You Get 24,000 for Personal Property
This with replacement cost insurance
So you have to spend 19, 500 of your money
read the policy real close
Posted: Wed Nov 11, 2009 10:09 pm Post Subject:
On the plus side, you still have the land, which can be sold if needs be.
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