What I meant is that more expensive houses should pay more insurance - just that the property value of the house is usually not the correct metric for determining whether a house is expensive. After all, it takes hardly any cost to reconstruct a lawn even though every square foot of lawn raises the property value.
Plus it can help prevent gentrification to avoid your insurance skyrocketing the moment an investor turns every property in your neighborhood into luxury flats.
Sorry, I wasn’t quite clear.
What I meant is that more expensive houses should pay more insurance - just that the property value of the house is usually not the correct metric for determining whether a house is expensive. After all, it takes hardly any cost to reconstruct a lawn even though every square foot of lawn raises the property value.
Plus it can help prevent gentrification to avoid your insurance skyrocketing the moment an investor turns every property in your neighborhood into luxury flats.
I think we’re on the same page.