Need help: How much DWELLING coverage for a 2300 sqfts house in PQ?

[masayako]

I pay about $920 for $362k fire insurance coverage.

[arv]

I am reviewing my statement from insurance company for renewal. The insurance company is increasing coverage about 4% every year and the building coverage amount it has on renewal is 433,600 for about 2200 Sqft SFH in scripps ranch area. The premium went up by 10% each year.

I am not sure whether I am over insured/under or adequately insured. How to determine average cost for building?

Shall I continue 4% increase every year or reduce the coverage?

[teaboy]

[quote=arv]Shall I continue 4% increase every year or reduce the coverage?[/quote]

arv, not sure if I’m qualified to answer your question, but here’s my situation…

I have a 2200 Sqft SFH in PQ.
My dwelling coverage is 294,000 (which increased to $441,000, with ERC)

my annual premium is $570 (I opted for a $10k deductible, the largest they offer.)

In my policy, the “Important Information Regarding your Coverage” section reads:
-Building code upgrade coverage not included
-Replacement cost on contents included
-Dwelling extended replacement cost (ERC) included – increases Coverage A limit to $441,000
-$18,000 mortgage payment protection included

how does that compare to your coverage?

tb

[arv]

teaboy, finally I went through docs and collected following information about my policy

– Dwelling coverage is 431,100
– 2500 deductible
– Dwelling extended replacement cost (ERC) included 150%
– Building code upgrade coverage is included
– Replacement cost on contents included
– Inflation guard 4% (every year the dwelling coverage is increased by 4%)
-$18,000 mortgage payment protection included

My premium is 874.

My agent informed that inflation guard can not be removed and also coverage can not be reduced 🙁

Any recommendations on any reasonable insurance companies for where I can get quote.

[Author]

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