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I would only file if the amount in damage exceeds your deductible by a lot. Carriers go back 5 years with home claims. Let me know if you have any further questions!
How much should dwelling coverage be? Shouldn't it basically be less than your assessed value? Because it's essentially how much it would cost to rebuild - and that's always less than the value. Right now my dwelling coverage is practically the same as my assessed value (town). Is dwelling supposed to be a percentage of something?
How much should dwelling coverage be? Shouldn't it basically be less than your assessed value? Because it's essentially how much it would cost to rebuild - and that's always less than the value. Right now my dwelling coverage is practically the same as my assessed value (town). Is dwelling supposed to be a percentage of something?
It should be the cost to rebuild. IMHO insurance companies in NY are really taking advantage of current policyholders by upping their rates based on what their home is WORTH rather than cost to rebuild. My sister insists that her house needs to be insured for close to $1 million because that is around what her house is worth. My sister is one of those people that you can't even attempt to reason with. It's a dinky little jerry-built ranch in Bridgehampton, only worth what it's worth because of the land she has and the location - if anything happens to it she is in for a big surprise when the insurance company pays about $200K to build it back to its current state, not the way she wants to re-do it!
How much should dwelling coverage be? Shouldn't it basically be less than your assessed value? Because it's essentially how much it would cost to rebuild - and that's always less than the value. Right now my dwelling coverage is practically the same as my assessed value (town). Is dwelling supposed to be a percentage of something?
It is a certain cost per square foot depending on the carrier and what upgrades are in the house. Can range from $160 to $300 per sq. foot.
^ well I double-checked and they said dwelling is something over $200/sqft and sometimes it can be over the assessed value since it is not related (like $300/sqft would be). Is anyone with over 2700sqft paying less than $1500/yr? They said I have an unheard of rate with this company (they broker them). I did get other quotes many months ago and they were right if I compare to those rates.
2700 sq feet and you're paying $1500? I wouldn't mess with that - I was paying about the same, maybe a bit more, for about 1700 sq feet in NY.
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