Re: Bye bye Miss American Pie...the levee wasn't dry!

Evan Kirshenbaum wrote:
Tony Cooper writes: 

No matter who the insurer, I would have to rebuild it under current
regulations and codes.  The building permits, and building
inspections, are based on current regulation.

My own homeowner's policy automatically escalates in payoff amount
to the amount estimated to replace the structure under today's
circumstances.  I am guaranteed to be able to build a similar house
at today's costs.


I'd expect that to be a separate "replacement cost" rider that you pay
for.  Otherwise, you'd get a depreciated amount.  (Or maybe that only
applies to the contents of the house.)  I also seem to recall that
"code upgrade" (the amount it would take to make legally necessary
changes to bring the new construction up to current building codes) is
also a separate rider on our insurance.


 <checks policy>

Our policy has the extended replacement cost and code upgrade items as part of the policy itself. There are no additional costs for them shown, but I'm sure that the premium includes whatever it has to include for the policy to be profitable for the insurer.
--
Skitt (in Hayward, California)
www.geocities.com/opus731/

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