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What Coverage Limits Should I Set on My Policy?
The “dwelling” limit should be the amount it would cost to replace your home (Not what you could sale the place for). This may have nothing to do with the purchase price or the current market value of your home, as homeowners insurance does not generally cover the land value of your insured property. Your insurance policy is not governed by the real estate market, but by the cost of the materials and labor involved in rebuilding your home. Insurance companies have formulas that they use to evaluate the replacement cost of your home. Since the formulas developed are unique for each company, different insurers may suggest or require different limits of coverage for your dwelling limit. The following information can assist you to determine if the limit set by your company accurately reflects the price it would cost to rebuild your home in the event of a total loss.
Coverage A dwelling property coverage for homes valued $25,000 – $1,000,000
Additional Living Expenses
“A” Rated or better Admitted and Non-Admitted Markets
Hard to place risks (High Risk Houses) accepted
Low credit scores
Poor Claims history
A Lapse in coverage
Coastal Risk O.K
Protection Classes 9 and 10 Accepted
Homes with fire losses if you can provide a Fire Marshals Report
Homes with fuses
Bankruptcies, foreclosures or repossessions in the last five years may be O.K.
The Personal Liability and any potential Medical Payments to Others coverage’s afforded by a Homeowners policy apply to Bodily Injury claims of residence employees other than those made through the Workers’ Compensation system.