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Forum
-> Interesting Discussions
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amother
Ivory
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 Wed, Sep 09 2015, 12:27 pm
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I recently bought a house and purchased homeowners insurance. I was advised that the insurance company requires that the policy cover the entire value of the house. Is this true? I think I heard somewhere that many insurance companies only require a percentage of the home to be insured. Any guidance on this would be appreciated. thanks.
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Amarante
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Wed, Sep 09 2015, 12:34 pm
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Do you mean the mortgage company has that requirement?
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shanie5
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Sat, Sep 12 2015, 9:20 pm
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If only a percentage of the house is insured, then if there is C"V a fire, you will not be able to rebuild. Is that really worth the risk?
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PAMOM
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Sat, Sep 12 2015, 10:34 pm
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The mortgage company will insist that the house be complett covered. You can decide your deductible and any additional coverages beyond basic that you want.
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amother
Mistyrose
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Sat, Sep 12 2015, 10:51 pm
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Most property insurers have what is called a co insurance clause. In simple terms it means they expect you to cover the full value otherwise they consider the home owner to be a 'co insurer' (hence the name) that means that in the case of a loss cha"v, if you had nly insured yourself for example at 50% of the value they will only pay 50% and expect you to self retain the remaining portion. You should be aware however that different companies have different guidelines. Some have only an 80% co insurance for example. That means that if your report values at least 80% of what they are you're OK and they will cover a loss fully (of course only subject to the total property limit or any sub limits in the policy). So depending on each carriers co insurance provisions you may or may not have to buy 100% coverage.
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