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Can you insure your dwelling for a value higher than the replacement cost?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
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How do you get percent from higher value to lower value?
if my price is 52.00 and I am told that I am 180 percent higher. How do I find the lower value
Why the experimental value of specific heat capacity is higher than the standars 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?
Groups that value higher power distance believe relationships are informal.
How do you get the mean higher in math?
Eliminate the lowest value.
Will positive numbers alway have a higher absolute value than the negative numbers?
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.
How much would you insure your house if it is appraised at 75000 initially?
You need to insure it at replacement cost not value or appraised value. Call your agent.
What should a homeowner include in a basic coverage package?
Insure to value on replacement basis, personal property and structure.
Do insurance companies pay for replacement value or actual value when a vehicle is stolen?
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.
Will an insurance company pay out a dwelling claim if you decide not to rebuild?
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.
How much do I insure my property for?
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.
Does it cost more to insure a conversion van?
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.
What is the difference between replacement value and full replacement value?
because its stupid
Should a home be insured for enough to pay off the mortgage plus replacement cost?
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
Your mortgage company wants you to insure for the value of the loan but you think insurance should only cover the replacement cost of the structure what is the minimum coverage required?
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.
Does replacement insurance require the house to be built in the same location or can it be another location?
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.
Can you insure your home for the value of the mortgage?
Only if it's substantiated to prove the same value
How do you insure your classic car for its actual value if it's my only vehicle?
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.....
