Well, my insurer sent the renewal notice for our homeowner policy, and the premium increase is 40%, on top of last year’s 15%. Even by South Florida standards this policy is now expensive. The lack of highly rated national insurers makes it worse.
My bigger concern, however, is I think the coverage is too low. The insurer increased the replacement value by 10% this year and <20% in aggregate for the past 5 years. I think it’s still low, but I can’t find a credible source to help generate a better estimate. Home prices and contractor costs are up far more over the same period, at least 50%.
Any suggestions on how to develop a realistic estimate of the rebuild / replacement value of a house?
My bigger concern, however, is I think the coverage is too low. The insurer increased the replacement value by 10% this year and <20% in aggregate for the past 5 years. I think it’s still low, but I can’t find a credible source to help generate a better estimate. Home prices and contractor costs are up far more over the same period, at least 50%.
Any suggestions on how to develop a realistic estimate of the rebuild / replacement value of a house?