insurance

The replacemant amount on my homeowners insurance ...

The replacemant amount on my homeowners insurance

went from 405,000 to 521,000 from last year. The answer my insurance gave me was that the price of rebuilding in New York is very high. Its this legit?

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3 Answers

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Sparky's Mom Answered:

Horacio263, I would say it probably is. Here in Illinois, homeowners insurance went up also, but not as high as yours. The price of building materials, especially wood, seems to have gone sky high. Looks like we all just have to buck up.

Anna Sparky's Mom

Posted 2 years ago
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adamalter Answered:

Home insurance is done in pools. So yes if there's a major cost to them somewhere, the insurance company may need to increase rates in that pool or across the board to not end up losing money.

All you can do really is compare rates again with multiple companies to see if one offers the same coverage to you for less to get your cost back down.

Posted 2 years ago

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UClaim_Ron Answered:

Get a replacement cost from a builder or appraiser. I'm surprised if building materials are rising in this current 1-2010 recession. In California they have decreased, along with the overall cost of construction.

You can ask your agent to reduce the dollar amount of coverage, but he would need that in writing with your signature.