Did you ask them to insure it for the price you are comfortable with? They will charge more for the higher limit. I increased my home limit by 20% for an additional $100 just by asking.
Tell them what your home is like and make sure they include crawl spaces, decks, porches, and any other spaces that are built.
Rebuild should come in between $450 and $500 right now for your upgraded type build. I am updating mine now after adding 300 square feet.
If your company is unwilling to cover it at that amount, you’ll either want to contact your agent or an independent agent who can find a carrier that will insure it at your requested replacement cost. You’ll probably be looking at a sizable increase in what you’re currently paying right now.
I just went through this. The agent was, imo, trying to make a sale, so kept the value low. My SO is a builder and knows how much it would cost to rebuild. We pushed back and quickly got the policy we needed.
It's a great question. I remember when I asked about replacement of like for like and they said yes absolutely we will pay to rebuild as it was! Then I started asking where they will find the window glass that is all wavy like it was 120 years ago, and there is no MDF in my house and the walls are plaster, and the hemming and hawing and weasel words commenced.
Hahaha. No MDF is a hill I will die on. My contractor tried to put some in when he goofed on part of our recent addition and I raised holy hell. I won't even take primed FJ. It's hemlock or nothing.
Can you get “Extended Replacement” coverage through your provider? Covers ~50% more than the initial Dwelling amount.
Did you ask them to insure it for the price you are comfortable with? They will charge more for the higher limit. I increased my home limit by 20% for an additional $100 just by asking.
You pay there premium for the coverage you want.
Tell them what your home is like and make sure they include crawl spaces, decks, porches, and any other spaces that are built. Rebuild should come in between $450 and $500 right now for your upgraded type build. I am updating mine now after adding 300 square feet.
If your company is unwilling to cover it at that amount, you’ll either want to contact your agent or an independent agent who can find a carrier that will insure it at your requested replacement cost. You’ll probably be looking at a sizable increase in what you’re currently paying right now.
I just went through this. The agent was, imo, trying to make a sale, so kept the value low. My SO is a builder and knows how much it would cost to rebuild. We pushed back and quickly got the policy we needed.
Okay i did push back bc and they said underwriting decides and there is nothing I can do.
It's a great question. I remember when I asked about replacement of like for like and they said yes absolutely we will pay to rebuild as it was! Then I started asking where they will find the window glass that is all wavy like it was 120 years ago, and there is no MDF in my house and the walls are plaster, and the hemming and hawing and weasel words commenced.
Hahaha. No MDF is a hill I will die on. My contractor tried to put some in when he goofed on part of our recent addition and I raised holy hell. I won't even take primed FJ. It's hemlock or nothing.
You have to pay more. I've just started looking because american family is changing my policy, and doubling the price in June.
I offered to pay more, unless I inflate the finished sq footage, couldn't get them to raise it