Quote:
Originally Posted by Papa_lecki
Is homeowner’s premium a product of house value or replacement cost? Inflation and supply chain issues caused the cost to replace the home much more expensive.
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Every other place I’ve been, it’s been a product of replacement cost. Here, it seems to be home value.
I called my insurance agent about calculating replacement cost on our home, and was told that the insurance policy value is for both home and any other structures on our property. As you know, we’re not allowed that here, so that value is added to the value shown for the home. So apparently there’s some “wiggle room” for what we would get if our home was destroyed.
Skeptical, but that’s what I was told.