Homeowners Insurance

Started by WilliamW • 1 replies • 1548 views

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WilliamW (Florida)
Posts: 11

Posted:

What will happen if an insurance company fails to insure a home for the correct replacement value? For instance, an owner suffers a $150,000 loss due to fire or hurricane and the policy that was issued covers only $125,000?

Will the insurance company be held libel for the short fall of $25,000?

WilliamT (Arizona)
Posts: 489

Posted:

The insurance company is only liable for the amount of the coverage. It's up to the homeowner each year to discuss the coverage with the agent to see if they both think the coverage should be increased.

Check with your insuance agent to be sure, and I think that is what he/she will tell you.

Bill

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