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We have a replacement policy but in order to collect the extra 25 percent the company states we have to build the exact house. What if the cost to rebuild is more than the insurance will cover?
Wiki User
∙ 12y ago
You don't have to build the "exact" house. You do have to rebuild a house of like size, quality and build grade which should result in a home of same or similar value as the one that was lost.
Replacement cost coverage is designed to provide you with the funds needed to rebuild so you do not have to be concerned with "What if's" it costing more than the insurance will cover. That's what replacement cost on an insurance policy is for.
If you are concerned about out of pocket expenses just have your builder deal directly with the insurance company and make sure you do not sign any contract that makes you personally responsible for any amounts greater than your deductible.
Wiki User
∙ 12y ago
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