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| *Loan,banking and credit>>>homeowner insurance |
House fire,lost everthing Question about allstate homeowners insurance? |
I choose to buy somewhere else instead of re build Will they give me the whole insured amount It depends on your State. If you are in a "valued" state, you will get your policy limits. If you are not and decide to rebuild, you would get the cost to rebuild, up to the policy limits as long as you are insured to at least 80% of the estimated replacement value of your dwelling (called a co-insurance clause). If you have a replacement cost on dwelling endorsement, you can get more than the dwelling limit to rebuild (most companies have now capped that at 25% above the dwelling limit) with like kind & quality. If you decide NOT to rebuild, you would get the Actual cash value of your dwelling (because the premise of insurance is to put you back in the same position you were before the loss). If the house was newer & in GREAT shape, you will likely get the dwelling limit (as long as you were not OVER insured - they are not going to give you $200,000 on a house that is only worth $100,000 to rebuild, just because you insured for that amount), or close to it. If the house was in just average condition, then you would not get the dwelling limit. All this would be determined at the time of the loss. purchase somewhere else or rebuild the same does not effects the claim.if have full insurance they will pay the complete loss, not the insured amount. For example: the home was insured for $100,000 and contents were insured for $75,000. If indeed you did lose everything, you should receive $175,000. Plus there may be a coverage called Additional Living Expenses that would cover hotel during your transition. Former Allstate/State Farm agent for 12 years. Likely not. For the contents, they will give you actual cash value until the items are replaced - you have 180 days to replace them, and you can claim the difference within that time. For the building, you will get paid on the damages - if the house isn't completely ruined, it will be the cost to rebuild (assuming that's under the policy limit). Then there will be a withholding for your municipality, for the cost of demolition and debris removal. And I believe most policies won't pay replacement cost - cost to rebuild - on the structure, unless you actually rebuild - it's only actual cash value (replacement cost less depreciation. Lastly, keep in mind if you didn't own the whole house, the check will get made payable to you and the mortgage company, and they're going to insist that the mortgage balance is paid off before you get ANYTHING. Because of that, I'd ask the adjuster to write a check for the structure SEPERATE from the contents. agent, 21+ years |
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