Finally got around to doing a full line review of our homeowners insurance. I was prompted by an article in Kiplinger regarding importance of keeping your home's valuation current and using the online services for doing self valuation of "true" replacement. The article recommended the service from Marshall Swift entity called accurcoverage. AccuCoverage® - Replacement Cost Calculator to Help Determine How Much Home Insurance You Need.
The service cost less than $20 and about 30 minutes of data entry as I recall.
Marshall Swift is a main line replacement cost valuation firm. My megacorp used them for fire insurance valuations and losses.
Couple surprises--insurance companies have changed how they define "replacement" ; coverage terminology does not mean what it says especially if you do not read the exclusions; and deductibles are now available as percentages rather than fixed $$.
In the "old days" if you were insured to 90+/-% of your replacement value, the insurance company was on the hook for paying for complete replacement. Now they have fixed dollar limits unless you buy a "rider" and even that has limitations.
There are almost more take-aways in the exclusions than you get coverage.
By shifting to a 2% deductible (from 1000), I was able to bump my replacement coverage by 50K and still cut my annual premium by $20.
The Accuracoverage estimate came out within a couple thousand of the insurance company (State Farm) detailed valuation.
If I had not increase my principal coverage amount I would have probably cut 15% off the premium.
Nwsteve
The service cost less than $20 and about 30 minutes of data entry as I recall.
Marshall Swift is a main line replacement cost valuation firm. My megacorp used them for fire insurance valuations and losses.
Couple surprises--insurance companies have changed how they define "replacement" ; coverage terminology does not mean what it says especially if you do not read the exclusions; and deductibles are now available as percentages rather than fixed $$.
In the "old days" if you were insured to 90+/-% of your replacement value, the insurance company was on the hook for paying for complete replacement. Now they have fixed dollar limits unless you buy a "rider" and even that has limitations.
There are almost more take-aways in the exclusions than you get coverage.
By shifting to a 2% deductible (from 1000), I was able to bump my replacement coverage by 50K and still cut my annual premium by $20.
The Accuracoverage estimate came out within a couple thousand of the insurance company (State Farm) detailed valuation.
If I had not increase my principal coverage amount I would have probably cut 15% off the premium.
Nwsteve