50% of a seven-figure number is still at least a six-figure number. Very useful, definitely not essentially useless. If you disagree, please give me six figures, which you apparently don’t need, so I can test the theory.
My in-laws learned this the hard way after a total loss fire. Their insurance covered the current value of the house, not the cost to move/replace it in a total loss scenario, so now they have a big mortgage for their new house when the old one was nearly entirely paid off
Absolutely. It is also never a bad idea to have at least 6 months in expenses saved up in cash for emergencies. And another 10 thousand to keep an attorney on retainer.
If your insurance only covers 50% of the property value it is essentially useless.
This is absolutely insane.
50% of a seven-figure number is still at least a six-figure number. Very useful, definitely not essentially useless. If you disagree, please give me six figures, which you apparently don’t need, so I can test the theory.
Yeah I’m sure every home destroyed was worth over a million. That’s just a straw man.
My home insurance in the UK covers the full cost of tearing down and rebuilding if the house is damaged beyond repair. As it bloody should.
My in-laws learned this the hard way after a total loss fire. Their insurance covered the current value of the house, not the cost to move/replace it in a total loss scenario, so now they have a big mortgage for their new house when the old one was nearly entirely paid off
Wait until you hear about the deductible… where I am (not earthquake country by any means) the deductible was $80k. I sad pass on that.
That’s why you get AFLAC for the other stuff.
Ah so just purchase more insurance for the things the insurance I already pay for doesn’t cover?
Absolutely. It is also never a bad idea to have at least 6 months in expenses saved up in cash for emergencies. And another 10 thousand to keep an attorney on retainer.