The replacement value calculators are only as good as the info inputs they receive. So, for any company you are really interested in you need to go back to agt or co and ask to go through the most detailed info they might use. This would also help you understand the rationale for a particular value. Companies that insure high value homes often do a physical inspection to make sure they get enough coverage.
The question about whether or not you can get a higher structure coverage amount might depend on where your home is located. In catastrophe prone areas a company might want to limit its exposure. Generally you need to establish your need for more based on your home characteristics. If your lender wants to match the loan amount the company would go along with that. For the past two years I went back to my company and asked for an increase based on information I had about the difficulty in hiring contractors, and delays in getting building materials. You also might calculate the amount of coverage you are getting per sq ft. This can be a test of reasonableness. Do you know any contractors who might give you insight on costs etc.?
The question about whether or not you can get a higher structure coverage amount might depend on where your home is located. In catastrophe prone areas a company might want to limit its exposure. Generally you need to establish your need for more based on your home characteristics. If your lender wants to match the loan amount the company would go along with that. For the past two years I went back to my company and asked for an increase based on information I had about the difficulty in hiring contractors, and delays in getting building materials. You also might calculate the amount of coverage you are getting per sq ft. This can be a test of reasonableness. Do you know any contractors who might give you insight on costs etc.?
Statistics: Posted by scifilover — Fri May 10, 2024 8:54 am — Replies 2 — Views 243