But the value of the home or how much you’d sell it for - do not matter. Typically 10% for other structures and 50% for contents. The other buildings and contents are simply based on percentages of the rebuild cost. Older homes typically have elaborate architectural styles and craftsmanship details. At the same time, maintaining the charm of an older house. They may be poorly insulated and have deteriorated electric and plumbing. Old homes may have lead paint or asbestos. What you need to consider is the cost to rebuild everything to modern building codes. With the cost of demo, hauling debris, new blueprints/permits, contractors, with new building materials at the modern cost of labor and transportation. If your home burns down, you’re not getting the same house back with it’s old floors and old roof and old appliances etc. No insurance company wants to insure a risky home. With rotting floor boards and poor condition, you may lose coverage altogether. If I called them and said I thought I was over insured, how likely is it that they would reevaluate it or let me reduce my coverage? I've been a customer of theirs for over thirty years but I'm ready to jump ship over this. $300k in personal property for maybe $30k worth of actual stuff in my house. I have zero structures except an old asphalt driveway, yet I'm required to have $62k in "Other Structures" coverage. I think I could probably get $300k for it if someone wanted to come in and gut it. It is very dated and in poor condition with a rotted floor in a bathroom. It has has no updates except a new roof in over 50 years. My 100 year old house as a Zestimate (I know those aren't accurate but they're a good barometer) of $348k and that is high. I just looked at my coverage and noticed that has gone up, in the last three years, to $620k. I know min rebuild is not the same as value, but I was pretty upset but accepted it. They increased the rebuild cost from $250k to $400k. A few years ago USAA said they had to come out and appraise my house to ensure it had correct coverage.
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