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Home Ownership Made Easy
520 hits
| May 11, 2005 12:55 am |
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re: Insurance and Pre-Approvals |
Angelo Cerase
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> josh boege wrote:
> As far as insurance goes the best policy you can pick up will have Guaranteed Coverage. It will cover the cost to rebuild no matter the dollar amount. So if you your $100,000 house burns and costs $150,000 to rebuild you would be on the hook for anywhere from $35-50k. With guaranteed coverage it wouldn't matter if it costs $500,000 to rebuild, you are covered.
Wouldn't a Guaranteed Coverage be more expensive than a coverage of a set dollar amount, since the insurance company has to factor in some 'extra' coverage just in case the cost to rebuild it higher than they thought?
Can someone provide a quote for a $200,000 fire insurance coverage, and a Guaranteed Coverage for a home that would cost approx. $150,000 to rebuild?
As well, with a guaranteed coverage, would you not have to deal with the general BS that Property & Casualty Insurance companies (ie car insurance) are known for? Such as debating what quality materials are to be used, etc etc? I mean, if your house just burnt down, is that the time to be arguing over every little thing with your insurance company?
Is there an agent that has had some claim experience with both types of coverage, and that can shed some light on this?
Angelo
Private Reply to Angelo Cerase (new win) |
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