Replacement cost estimate

[Jeninole]

What is the name of your state (only U.S. law)? Florida

 

[Jeninole]

After I paid for my policy the company said that upon inspection there was an increase in the replacement cost estimate and I needed to pay an additional $700. Can they do this?

 

[Zigner]

After I paid for my policy the company said that upon inspection there was an increase in the replacement cost estimate and I needed to pay an additional $700. Can they do this?

Yep - read your policy.

 

[adjusterjack]

After I paid for my policy the company said that upon inspection there was an increase in the replacement cost estimate and I needed to pay an additional $700. Can they do this?

It's an underwriting requirement that you insure your house to its replacement value.

If you don't comply, you can be cancelled or non-renewed.

How much of an increase in Coverage A (dwelling) has been required? From what to what?

$700 seems like a lot of premium increase for an increase in value.

You can check the replacement cost of your dwelling at:

http://www.building-cost.net/Valuation/Start

See if it comes close to what your insurance company is estimating.