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Originally Posted by Hape2Bhr
I am beginning the search for Homeowners Insurance. Coverage A is the costliest section, and I have received large variances between some of the proposals. We have a mortgage and I do know the mortgage provider requires at least enough coverage to cover our balance. The other variable is replacement cost due to catastrophic damage. We live in a CYV, and I would like to know what is considered the replacement cost of a 2B2B CYV. Is this information readily available?
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Coverage A is determined what it will cost to replace your home , not at market value , but the actual cost to repair and or repair. If building costs have increased , that is considered. A software program actually does this. I was a homeowners claims adjuster for over 25 years. I was licensed in all states.
When you get your policy , the policy service rep will ask you for info on your home. Type of structure, features like granite vs laminate countertops. Etc.
I would suggest insure the home for replacement costs. Make sure that you insure your personal property , Coverage C, what it would cost to place your items. I had one claim where a persons home totally burned down to the ground. Their Cov C was $60,000. Their Steinway piano was valued at $75,000.
Never cheap it out on HO insurance. The RCC changes all the time. Get full coverage.