Insure for Replacement Cost?

[Raybyrnes]

AN

Your statement is not exactly true. “regardless of how much it cost to rebuild, they’ll pay for it. No chance of being under insured.”

You may find a host of items that need additional riders to cover ylou. IE Wedding rings and jewlery, gun collections, expensive rugs.

WIth respect to building cost usually the policy will allow you to go up to 125% of the value.

Now if you did significant upgrades to your kitchen with Granite Countertops and stainless appliances you need to inform your insurance company. Same is true if you added expensive hardwood floors.

Pretty easy to esceed the value of the policy.

My suggestion to alll is get your video camera out and film your house and send a copy to your agent as backup if anything ever appens.

[an]

Raybyrnes, I wasn’t trying to say that your home insurance will cover things like jewelry, gun collection, etc. There are special insurance specifically for those things.

All the companies I got quotes from have coverage of 125%-150% of the insured value. However, this is based on a simple rebuild in ordinary time. What if labor cost went up and/or you need to get new permits to get your house up to code? There are many things about a rebuild that I do no know about. I’m just not comfortable in leaving it to chance. Are you trying to say one can’t be under insured? If so, how come I hear so many horror stories every time there’s a major fire?

Before AAA accepted to insure my place, an agent came out and took pictures of everything for record. AAA also end up being cheaper than the rest. So, getting better coverage at a cheaper price sounds like a no brainer to me.

I totally concur with your suggestion though. If you upgrade your house, make sure to take pictures and let your agent know.

[an]

Raybyrnes, I wasn’t trying to say that your home insurance will cover things like jewelry, gun collection, etc. There are special insurance specifically for those things.

All the companies I got quotes from have coverage of 125%-150% of the insured value. However, this is based on a simple rebuild in ordinary time. What if labor cost went up and/or you need to get new permits to get your house up to code? There are many things about a rebuild that I do no know about. I’m just not comfortable in leaving it to chance. Are you trying to say one can’t be under insured? If so, how come I hear so many horror stories every time there’s a major fire?

Before AAA accepted to insure my place, an agent came out and took pictures of everything for record. AAA also end up being cheaper than the rest. So, getting better coverage at a cheaper price sounds like a no brainer to me.

I totally concur with your suggestion though. If you upgrade your house, make sure to take pictures and let your agent know.

[an]

Raybyrnes, I wasn’t trying to say that your home insurance will cover things like jewelry, gun collection, etc. There are special insurance specifically for those things.

All the companies I got quotes from have coverage of 125%-150% of the insured value. However, this is based on a simple rebuild in ordinary time. What if labor cost went up and/or you need to get new permits to get your house up to code? There are many things about a rebuild that I do no know about. I’m just not comfortable in leaving it to chance. Are you trying to say one can’t be under insured? If so, how come I hear so many horror stories every time there’s a major fire?

Before AAA accepted to insure my place, an agent came out and took pictures of everything for record. AAA also end up being cheaper than the rest. So, getting better coverage at a cheaper price sounds like a no brainer to me.

I totally concur with your suggestion though. If you upgrade your house, make sure to take pictures and let your agent know.

[an]

Raybyrnes, I wasn’t trying to say that your home insurance will cover things like jewelry, gun collection, etc. There are special insurance specifically for those things.

All the companies I got quotes from have coverage of 125%-150% of the insured value. However, this is based on a simple rebuild in ordinary time. What if labor cost went up and/or you need to get new permits to get your house up to code? There are many things about a rebuild that I do no know about. I’m just not comfortable in leaving it to chance. Are you trying to say one can’t be under insured? If so, how come I hear so many horror stories every time there’s a major fire?

Before AAA accepted to insure my place, an agent came out and took pictures of everything for record. AAA also end up being cheaper than the rest. So, getting better coverage at a cheaper price sounds like a no brainer to me.

I totally concur with your suggestion though. If you upgrade your house, make sure to take pictures and let your agent know.

[an]

Raybyrnes, I wasn’t trying to say that your home insurance will cover things like jewelry, gun collection, etc. There are special insurance specifically for those things.

All the companies I got quotes from have coverage of 125%-150% of the insured value. However, this is based on a simple rebuild in ordinary time. What if labor cost went up and/or you need to get new permits to get your house up to code? There are many things about a rebuild that I do no know about. I’m just not comfortable in leaving it to chance. Are you trying to say one can’t be under insured? If so, how come I hear so many horror stories every time there’s a major fire?

Before AAA accepted to insure my place, an agent came out and took pictures of everything for record. AAA also end up being cheaper than the rest. So, getting better coverage at a cheaper price sounds like a no brainer to me.

I totally concur with your suggestion though. If you upgrade your house, make sure to take pictures and let your agent know.

[Raybyrnes]

AN
I think we are on the same page. I simply hear people use terms like full coverage or make statements like everything is covered and I know from experience that this is not the case. All Policies have limits. They are covered p to those limits. If those limits are exceeded they are on the hook for the difference.

I’ve heard good things about AAA. Liberty Mutual also has a faily good reputation.

What you may also want to check on your policy is that it has a cost of inflation rider. This prevents you from going 10 years without adjusting for costs. This is what caused many people to be underinsured.

[Raybyrnes]

AN
I think we are on the same page. I simply hear people use terms like full coverage or make statements like everything is covered and I know from experience that this is not the case. All Policies have limits. They are covered p to those limits. If those limits are exceeded they are on the hook for the difference.

I’ve heard good things about AAA. Liberty Mutual also has a faily good reputation.

What you may also want to check on your policy is that it has a cost of inflation rider. This prevents you from going 10 years without adjusting for costs. This is what caused many people to be underinsured.

[Raybyrnes]

AN
I think we are on the same page. I simply hear people use terms like full coverage or make statements like everything is covered and I know from experience that this is not the case. All Policies have limits. They are covered p to those limits. If those limits are exceeded they are on the hook for the difference.

I’ve heard good things about AAA. Liberty Mutual also has a faily good reputation.

What you may also want to check on your policy is that it has a cost of inflation rider. This prevents you from going 10 years without adjusting for costs. This is what caused many people to be underinsured.

[Raybyrnes]

AN
I think we are on the same page. I simply hear people use terms like full coverage or make statements like everything is covered and I know from experience that this is not the case. All Policies have limits. They are covered p to those limits. If those limits are exceeded they are on the hook for the difference.

I’ve heard good things about AAA. Liberty Mutual also has a faily good reputation.

What you may also want to check on your policy is that it has a cost of inflation rider. This prevents you from going 10 years without adjusting for costs. This is what caused many people to be underinsured.

[Raybyrnes]

AN
I think we are on the same page. I simply hear people use terms like full coverage or make statements like everything is covered and I know from experience that this is not the case. All Policies have limits. They are covered p to those limits. If those limits are exceeded they are on the hook for the difference.

I’ve heard good things about AAA. Liberty Mutual also has a faily good reputation.

What you may also want to check on your policy is that it has a cost of inflation rider. This prevents you from going 10 years without adjusting for costs. This is what caused many people to be underinsured.

[an]

[quote=Raybyrnes]
What you may also want to check on your policy is that it has a cost of inflation rider. This prevents you from going 10 years without adjusting for costs. This is what caused many people to be underinsured.[/quote]
Yep, my policy have that. It might be standard practice for AAA, I’m not sure.

[an]

[quote=Raybyrnes]
What you may also want to check on your policy is that it has a cost of inflation rider. This prevents you from going 10 years without adjusting for costs. This is what caused many people to be underinsured.[/quote]
Yep, my policy have that. It might be standard practice for AAA, I’m not sure.

[an]

[quote=Raybyrnes]
What you may also want to check on your policy is that it has a cost of inflation rider. This prevents you from going 10 years without adjusting for costs. This is what caused many people to be underinsured.[/quote]
Yep, my policy have that. It might be standard practice for AAA, I’m not sure.

[an]

[quote=Raybyrnes]
What you may also want to check on your policy is that it has a cost of inflation rider. This prevents you from going 10 years without adjusting for costs. This is what caused many people to be underinsured.[/quote]
Yep, my policy have that. It might be standard practice for AAA, I’m not sure.

[Author]

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