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Old 02-19-2011, 10:15 PM
 
1,329 posts, read 3,266,826 times
Reputation: 980

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Assuming that the mortgage note has been paid off, would it make sense for a homeowner to insure a home only for the estimated home value, as opposed to the (typically higher) replacement cost? The assumption here is that the homeowner is not averse to buying a similar home elsewhere in the same general area.
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Old 02-20-2011, 06:05 AM
 
Location: Knoxville
4,638 posts, read 23,413,238 times
Reputation: 5833
Replacement cost.
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Old 02-20-2011, 06:33 AM
 
Location: Glen Rock, NJ
667 posts, read 1,628,466 times
Reputation: 380
RC is a much better policy and worth every single dollar. Take it from someone who just went thru the nightmare of dealing with a large home insurance claim.
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Old 02-20-2011, 08:09 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
36,369 posts, read 66,152,660 times
Reputation: 42151
Especially now, when home values have been dropping, while building materials and labor are still going up, replacement cost is the only way to go.
BTW people should review their policy every few years if it doesn't have an automatic escalator, since the replacement cost will be more than it was when you bought the place.
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Old 02-20-2011, 08:36 AM
 
11,115 posts, read 17,547,682 times
Reputation: 10118
Always replacement cost.
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Old 02-20-2011, 09:02 AM
 
Location: Niceville, FL
10,775 posts, read 19,119,528 times
Reputation: 12917
Replacement cost. And down here, you also want the rider that covers the cost of 'upgrading' to the most recent building code standards.
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Old 02-20-2011, 09:35 AM
 
Location: Athens
470 posts, read 1,408,698 times
Reputation: 260
I will make it unanimous. Replacement cost.
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