Home Owner Insurance Estimate
if my house burns down does the insurance write me a check?
I’ve been in auto accidents and the insurance company gets an estimate and sends me a check. If I have home owner’s insurance and the house is a loss, what happens? They force me to rebuild at that location or writes me a check for the amount of the coverage? Same policy, if I say my bedroom set was lost, who determines the replacement value?
no mortgage and the agent that I talked to today for a quote said they use “replacement value” of about $100 per sq. foot.
They do not use tax assessed value.
On contents they said they would ask the home owner “what” they lost, bedroom set, etc. They allow up to $2500 for jewelry, but if there is a $4000 diamond ring then add on and added premium. I thought I read somewhere that a lost home would be rebuilt with no option for the home owner to take the funds and build elsewhere or buy an existing home. Oddly my real estate agent friend lost her home to lightening a couple months ago.
In case of a fire, Insurance will pay you the actual Cash value = the replacement Cost (the policy limit or per the esitmate which ever is lower) less depreciation (based on the age of the house)
If you want to rebuild the house you will recover the depreciation amount.
usually the Contents limit is 65% of the Building limit.
in cas of fire there is no limit on jewelry the limit only applies in case of theft.so you will get the ful amount of the damaged property
Keep in mind that insurance compan will alway get a specialist to find out how the fire started to determine the source ad cause.
