Quote:
Originally Posted by SHIBUMI
Nobody insures for market value, its replacement value, if a 1200 sq ft house in California with a market value of 1 million burns down, its the replacement value to rebuild the house which won't be 1 million dollars and you are not entitled to market value.......... if during the housing crisis, when that 1200 sq foot sold for 100,000 your insurance was still the cost to replace 250-3000 est.
If you add coverage to loss of use, add a lot, then you have a place to live until the rebuild....
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My current policy coverage is very close to market value, so I am satisfied. If the insurance company wants to rebuild the house, that is fine, but I don't think they can do it for less than the market value.