Sure, insurance companies are delighted to sell higher priced policies, but they will only pay UP TO the value of the dwelling BEFORE the damage occured.
if my price is 52.00 and I am told that I am 180 percent higher. How do I find the lower value
Experimental errors would cause the experimental value of specific heat capacity to be higher than the standard value.
Groups that value higher power distance believe relationships are informal.
Eliminate the lowest value.
No, positive numbers do not always have a higher absolute value than negative numbers. The absolute value of a negative number is equal to its positive equivalent. For example, the absolute value of -3 and 3 is both 3.
You need to insure it at replacement cost not value or appraised value. Call your agent.
Insure to value on replacement basis, personal property and structure.
Insurance companies ONLY pay for Replacement value when you have paid for an additional endorsement to insure your car for its "replacement" value. Otherwise, they pay Actual Cash Value, using blue books, fair market prices, your car's condition, i.e miles, etc, all of it is a factor to determine actual cash value, etc.
Yes, but generally at Actual cash value (either market value or replacement cost minus depreciation) instead of replacement cost. However, the insurance company will generally pay to reconstruct at another location.
You would insure any buildings, fixtures and contents within the home--make sure the policy says replacement value plus 125%. Avoid a policy that allows depreciation of used contents. The total insured amount would not include the land that is part of the value, so most likely the insured amount would be less than the total value.
Yes a conversion van will cost more to insure than a traditional mini van or cargo van. A conversion van has a higher value and is thus more costly too replace if lost.
Unfortunately, no insurance broker will insure a home for both mortgage and replacement cost. If the price you give them is excessive they can independently valuate the property or in the event of a fire ete..they will only give you market value
You have to have it insured for at least the amount of mortgage. That is the mortgage companies "insurance" that it will be paid for if it is totally destroyed.AnswerIf you agreed to insure your house for the amount of the mortgage when you obtained your mortgage then you are bound by that agreement and will have no choice but to comply. Actually, the purpose of homeowner's insurance is not to insure the loan, it's to insure the property. You cannot purchase more than the replacement cost of the house. In the event of a total loss, you will only be paid the cost to replace the house up to the limit shown in the declarations, regardless of what the loan amount is. It is against the law for a mortgage company to require you to secure insurance for the value of the loan. They can be fined.
because its stupid
All of the policies I have looked at consider "replacement" as the rebuilding of the dwelling on its existing location. If you go somewhere else to build, you get the face value, not the replacement value. You also have the issue of cleaning the debris from your lot if you move on. Your insurance isn't going to cover that unless there is a rider. Then you should still own that lot and be able to sell it on your own, but don't assume anything.
Only if it's substantiated to prove the same value
The older, more established insurance companies, (I use State Farm) have what is called "stated value." You state the value, they take a bunch of pictures, charge you accordingly, and upon loss, give you cash. Not, a replacement, or a line of crap. Just cash.....Chuck.....