My in-laws learned this the hard way after a total loss fire. Their insurance covered the current value of the house, not the cost to move/replace it in a total loss scenario, so now they have a big mortgage for their new house when the old one was nearly entirely paid off
If your insurance only covers 50% of the property value it is essentially useless.
This is absolutely insane.
My in-laws learned this the hard way after a total loss fire. Their insurance covered the current value of the house, not the cost to move/replace it in a total loss scenario, so now they have a big mortgage for their new house when the old one was nearly entirely paid off
That’s why you get AFLAC for the other stuff.
Ah so just purchase more insurance for the things the insurance I already pay for doesn’t cover?
Wait until you hear about the deductible… where I am (not earthquake country by any means) the deductible was $80k. I sad pass on that.