Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

home insurance...what do you look ....


home insurance...what do you look ....

Old 12-27-2007, 02:59 PM
Admirals ClubCaptains Club Member Admiral's Club Member
Thread Starter
Join Date: Oct 2007
Posts: 7,111
Default home insurance...what do you look ....

when getting quotes... the only thing I've been told is I need at least 80% replacement cost... and thats it... what are the important and not so important things to look for... rigth now I have citizens but probably will have to change by feb...
emudryj is offline  
Old 12-27-2007, 03:32 PM
Senior MemberCaptains Club MemberPLEDGER
Join Date: Aug 2001
Location: West Carolina
Posts: 21,938
Default Re: home insurance...what do you look ....

You need to carry 80% replacement cost to keep from getting into a co-insurance problem in the event of a claim. If you don't carry at least 80%, you will be co-insured in the amount that you are under 80%. However, I would highly recommend buying 100% replacement cost and adding the guaranteed replacement cost endorsement. This would give you additional coverage in the event that the limit on the policy isn't enough. The way it works is that you, your agent, company, whoever, comes up with a figure for 100% replacement cost. If, in the event of a loss, the figure isn't enough, they give you the option to purchase additional coverage after the loss. i.e. You all agree that the rep cost is $250,000. You have a total loss and it tuns out to cost $275,000 to re-build, they pay the $275,000 and send you a bill for the difference in premium. The endorsement used to be unlimited but a lot of companies are limiting it to 25% or so.

Hope that helps.

Shag is offline  
Old 12-27-2007, 04:10 PM
Senior MemberCaptains Club Member
Join Date: Aug 2002
Location: MA and ME
Posts: 16,795
Default Re: home insurance...what do you look ....

I would trust Shag not knowing him. His advise has always been spot on. For me it sometimes has had a direct relation with what's going on with my home fronts. I will say that 100% replacement is the only way to shop other than to add you should only be dealing with top tier companies AND agents. I don't think it's a smart place to shop for the best deal. I firmly believe that you do get what you pay for in this arena.

A home to most people is their best asset, It should be protected that way.

No, Shag is not my agent.
Mist-Rest is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off

Thread Tools
Search this Thread