Insure for Replacement Cost?

[Raybyrnes]

You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service

[UCGal]

Growing up we had a fire that burned down the garage and there was smoke/water damage through the rest of the house. My dad had what he thought was “full” insurance. It barely covered the garage and contents. He maxed out his claim to the limits and it didn’t involve rebuilding the main house.

Based on that experience we actually increased our coverage on per sf/construction cost.

But then again, we aren’t looking to just buy another house down the street.

In the cases of the wildfires, not only did construction prices increase… available stock decreased. When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.

[UCGal]

Growing up we had a fire that burned down the garage and there was smoke/water damage through the rest of the house. My dad had what he thought was “full” insurance. It barely covered the garage and contents. He maxed out his claim to the limits and it didn’t involve rebuilding the main house.

Based on that experience we actually increased our coverage on per sf/construction cost.

But then again, we aren’t looking to just buy another house down the street.

In the cases of the wildfires, not only did construction prices increase… available stock decreased. When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.

[UCGal]

Growing up we had a fire that burned down the garage and there was smoke/water damage through the rest of the house. My dad had what he thought was “full” insurance. It barely covered the garage and contents. He maxed out his claim to the limits and it didn’t involve rebuilding the main house.

Based on that experience we actually increased our coverage on per sf/construction cost.

But then again, we aren’t looking to just buy another house down the street.

In the cases of the wildfires, not only did construction prices increase… available stock decreased. When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.

[UCGal]

Growing up we had a fire that burned down the garage and there was smoke/water damage through the rest of the house. My dad had what he thought was “full” insurance. It barely covered the garage and contents. He maxed out his claim to the limits and it didn’t involve rebuilding the main house.

Based on that experience we actually increased our coverage on per sf/construction cost.

But then again, we aren’t looking to just buy another house down the street.

In the cases of the wildfires, not only did construction prices increase… available stock decreased. When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.

[UCGal]

Growing up we had a fire that burned down the garage and there was smoke/water damage through the rest of the house. My dad had what he thought was “full” insurance. It barely covered the garage and contents. He maxed out his claim to the limits and it didn’t involve rebuilding the main house.

Based on that experience we actually increased our coverage on per sf/construction cost.

But then again, we aren’t looking to just buy another house down the street.

In the cases of the wildfires, not only did construction prices increase… available stock decreased. When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.

[Ren]

[quote=LAAFTERHOURS]I also have USAA and my policy is a bit high (new homeowner). Im considering shopping my homeowners to other vendors.[/quote]

We shopped around and found there was a wild difference in pricing. I found premiums from $667 up to the mid-$1,500’s. Needless to say, we picked the $667 (Allstate/Tower).

[Ren]

[quote=LAAFTERHOURS]I also have USAA and my policy is a bit high (new homeowner). Im considering shopping my homeowners to other vendors.[/quote]

We shopped around and found there was a wild difference in pricing. I found premiums from $667 up to the mid-$1,500’s. Needless to say, we picked the $667 (Allstate/Tower).

[Ren]

[quote=LAAFTERHOURS]I also have USAA and my policy is a bit high (new homeowner). Im considering shopping my homeowners to other vendors.[/quote]

We shopped around and found there was a wild difference in pricing. I found premiums from $667 up to the mid-$1,500’s. Needless to say, we picked the $667 (Allstate/Tower).

[Ren]

[quote=LAAFTERHOURS]I also have USAA and my policy is a bit high (new homeowner). Im considering shopping my homeowners to other vendors.[/quote]

We shopped around and found there was a wild difference in pricing. I found premiums from $667 up to the mid-$1,500’s. Needless to say, we picked the $667 (Allstate/Tower).

[Ren]

[quote=LAAFTERHOURS]I also have USAA and my policy is a bit high (new homeowner). Im considering shopping my homeowners to other vendors.[/quote]

We shopped around and found there was a wild difference in pricing. I found premiums from $667 up to the mid-$1,500’s. Needless to say, we picked the $667 (Allstate/Tower).

[burghMan]

[quote=Raybyrnes]You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service[/quote]

The representative from USAA told me that they won’t insure for less than replacement value without any explanation. When I asked why this is a requirement, she seemed completely perplexed and just repeated that was the “rule.” Hardly what I would call “doing a good job” or “professional service.”

I’m a fool for just blindly accepting what some clueless phone rep tells me?

I know some people put USSA on a pedestal – and they are a great company for many things – but they aren’t perfect all the time.

[burghMan]

[quote=Raybyrnes]You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service[/quote]

The representative from USAA told me that they won’t insure for less than replacement value without any explanation. When I asked why this is a requirement, she seemed completely perplexed and just repeated that was the “rule.” Hardly what I would call “doing a good job” or “professional service.”

I’m a fool for just blindly accepting what some clueless phone rep tells me?

I know some people put USSA on a pedestal – and they are a great company for many things – but they aren’t perfect all the time.

[burghMan]

[quote=Raybyrnes]You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service[/quote]

The representative from USAA told me that they won’t insure for less than replacement value without any explanation. When I asked why this is a requirement, she seemed completely perplexed and just repeated that was the “rule.” Hardly what I would call “doing a good job” or “professional service.”

I’m a fool for just blindly accepting what some clueless phone rep tells me?

I know some people put USSA on a pedestal – and they are a great company for many things – but they aren’t perfect all the time.

[burghMan]

[quote=Raybyrnes]You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service[/quote]

The representative from USAA told me that they won’t insure for less than replacement value without any explanation. When I asked why this is a requirement, she seemed completely perplexed and just repeated that was the “rule.” Hardly what I would call “doing a good job” or “professional service.”

I’m a fool for just blindly accepting what some clueless phone rep tells me?

I know some people put USSA on a pedestal – and they are a great company for many things – but they aren’t perfect all the time.

[Author]

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