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Originally Posted by Hifred
We have Allstate. Sink hole is covered at standard deductible. Quick question with the cost of houses increasing and the cost of construction increasing has anyone upped their homeowner's recently? Not to sound like The ************** (LOL) but we bought our home in 2019 for $385,000 which I thought is ridiculously high but now the same home in my neighborhood recently sold for almost $599,000 and we have a golf cart garage and they didn't. So do we need to call the insurance provider and ask them to revalue our home. I would hate to have a lightning strike and not have adequate coverage.
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I think that most insurance policies cover replacement value. In that case, it is the insurance company that increases the covered amount when you renew the policy. But, if you have actual value coverage, you would need to make sure that you have enough coverage to replace your house.