by rolandvp213 » Wed Mar 23, 2011 02:54 pm
I would like my my dwelling to be coverd for 50,ooo they say ,it cant be less than 78,000 and they charge me more for the policy can they do that, there is noway you could spend that kind of money on my condo.
Posted: Fri Mar 25, 2011 09:10 am Post Subject:
See, once you'd suffer a severe loss, you will have to bear things out of pocket if your insurer hasn't fixed the right limits. You must understand one good thing - Insurance values are not equivalent to market values. Insurance provides coverage to rebuild a damaged home quite fully. This rebuilding cost is calculated upon a number of factors. So it all varies with your territory, the rates in your area as per the local builders etc.
You must also know that there are laws that govern dwelling limits. There are many states wherein it's mandatory to have coverage worth 80% of the rebuilding costs.
So if you want to prove that the cost of rebuilding your home would be much lesser, get it rated by a local builder and convey the estimate to the insurance carrier. You may attach other verifiable proof e.g. professional rebuilding appraisal etc.
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