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Hello,
Well, it's time for my homeowner's insurance renewal. We currently have a policy that pays "Extended Replacement Cost of 20%" with a $1000 deductible. My insurance company offers an extended replacement of 40%. I'm thinking about going with the new policy with a $2500 deductible. Cost wise, I get more coverage for $125 cheaper/year but with a higher deductible. Would anyone here pay $125/year to get the lower $1000 deductible?
Incidentally, my agent suggested that I consider a rider that would cover special assessments levied against my homeowner's association. She said that if my association gets sued and looses and has an assessment that has to be paid by the homeowners, the regular policy will only cover $1k and my umbrella will not cover any judgements. I checked my umbrella policy and it looks like she's right, there's an exclusion for this sort of thing. The rider she is suggesting covers upto $50k. My association has liability insurance for this so I thought this would be covered under their policy? Also, my HOA has 190 homes in it. So it would seem that this judgement would have to be pretty huge to exceed the liability limits of the HOA. Anyone here pay for this coverage?
Thanks.
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