Replacement value only ?

[mfossler]

What is the name of your state? Florida

I have always had a homeowners policy covering approximately 70% (cash value) of what I perceive to be the replacement cost of my house under most circumstances. My lender is comfortable with this, as am I. Due to the bizarre insurance situation in Florida I_ve been handed off to a new insurance company by the state run Citizens Insurance Company.

The new insurance company (and others I have contacted) are telling me that they are required by Florida statutes to only write replacement value policies. I have researched it but can not find this statute. I am willing to accept the risk in return for a lower premium, and would like to review this statute. Do any of you know of this statute ?

Best Regards.

 

[moburkes]

I'll look into it, but the savings IS NOT worth the money. Anything under 80%, and they don't have to pay a claim for a partial loss.

 

[mfossler]

I did not know that. I'll do 80% if it's available according to the statues, and I can find someone who will write it. It'll keep my eyes open for your next reply.

Best Regards.

 

[tammy8]

Its called coinsurance. You are required to carry atleast 80% of the value of the home for a contract to be legal with a insurance company.

 

[moburkes]

Its called coinsurance. You are required to carry atleast 80% of the value of the home for a contract to be legal with a insurance company.

Hey, lady! Thanks for rescuing me. I couldn't think of the right word.

 

[tammy8]

Hey, lady! Thanks for rescuing me. I couldn't think of the right word.

Girl you are the one that remembers all those "real" legal terms. My feeble mind just happened to have a horid flashback from insurance school so that dern teacher did afterall teach me something!