This may be a little bit tougher. Am really seeking help.
Here's the scenario. Have never paid much attention to insurance until now.
House is almost the same (within 15K) of all the similar homes in our CCRC. The current value, based on Zillow, and recent selling prices that I know about , is about $180K. My current insurance shows the insured price as $249K. When I question the agent, the answer is that's the estimated rebuild.
So... here's my situation. I only expect to get the current value for my house, as within a few years, we'll move to the apartments in our CCRC. It seems as if I can't insure for the value I place on the house. If It burns to the ground, I'd have the lot cleaned. No reason to rebuild.
If I'm willing to insure for just the current value, it looks like the company will not approve a policy. Also... the current policy covers almost $200K for belongings. Our plan for selling was to junk all the furnishings and present the home as empty for resale, when we move.
Down to the nitty gritty... and nothing to do with my situation... Why wouldn't an insurance company be willing to specify coverage limits, if the home owner is willing to give up coverage... ie rebuild, belongings, jewelry etc. In other words, why can't the home owner determine the amount of coverage he would be willing to subsidize.
Is all this written in stone? Would love to hear from someone in insurance, but all help is welcome. Thanks.
Here's the scenario. Have never paid much attention to insurance until now.
House is almost the same (within 15K) of all the similar homes in our CCRC. The current value, based on Zillow, and recent selling prices that I know about , is about $180K. My current insurance shows the insured price as $249K. When I question the agent, the answer is that's the estimated rebuild.
So... here's my situation. I only expect to get the current value for my house, as within a few years, we'll move to the apartments in our CCRC. It seems as if I can't insure for the value I place on the house. If It burns to the ground, I'd have the lot cleaned. No reason to rebuild.
If I'm willing to insure for just the current value, it looks like the company will not approve a policy. Also... the current policy covers almost $200K for belongings. Our plan for selling was to junk all the furnishings and present the home as empty for resale, when we move.
Down to the nitty gritty... and nothing to do with my situation... Why wouldn't an insurance company be willing to specify coverage limits, if the home owner is willing to give up coverage... ie rebuild, belongings, jewelry etc. In other words, why can't the home owner determine the amount of coverage he would be willing to subsidize.
Is all this written in stone? Would love to hear from someone in insurance, but all help is welcome. Thanks.