insane insurance replacement cost
Chubb has recently bumped our home replacement cost (2 fam, 3,200 sq ft in bed-stuy) to $7 million, which will more than double our premium. How does this make any sense? It would be hard to find a house to buy in the neighborhood for even half that. So why would it ever make sense to rebuild for double the price you could sell the house for???
Needless to say…are the only other alternatives Brownstone, Pure, and State Farm? The only reason we went with Chubb 10 years ago was that there were hardly any options.
chipito
in Insurance 1 month ago
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cate | 1 month ago
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Chubb will typically replace like for like, whereas a company like State Farm calculates costs based on the lowest cost materials — a Home Depot type replacement rather than a historic restoration, if you will. Also the cost of rebuilding is not necessarily related to the cost of buying a place.