What is Guaranteed Rebuilding Cost

[Peter2018]

What is the name of your state?NJ

Hi,
I have a home insurance plan with 'Guaranteed Rebuilding Cost' few months ago I had a water incident and when I filed a claim for the first time with the insurance company they did reimburse me for the water damage restoration agency as well as fixing other damages like fixing ceiling and a portion of wooden flooring that was impacted by the water issue. When I purchased the plan it had this clause 'Guaranteed Rebuilding Cost' I would like to better understand what is 'Guaranteed Rebuilding Cost' does that mean: "Now that the damage restoration is done we will also pay you for you rebuilding (for example in this case wooden flooring ) ?"If that's true is it something I have to ask the insurance company or insurance company will drive it.Appreciate your input

I would like to know specifically if know I will be paid to get a new flooring .I would like to make sure I ask the right questions .

Thanks

 

[FlyingRon]

No. Even guaranteed rebuilding isn't obligated to make things better than you were before the casualty. What guaranteed rebuilding does is say that they will pay to fix or rebuild the structure (their option) even if it costs more than the stated limit. If they fixed your damage, that's all you're getting.

 

[Zigner]

What is the name of your state?NJ

Hi,
I have a home insurance plan with 'Guaranteed Rebuilding Cost' few months ago I had a water incident and when I filed a claim for the first time with the insurance company they did reimburse me for the water damage restoration agency as well as fixing other damages like fixing ceiling and a portion of wooden flooring that was impacted by the water issue. When I purchased the plan it had this clause 'Guaranteed Rebuilding Cost' I would like to better understand what is 'Guaranteed Rebuilding Cost' does that mean: "Now that the damage restoration is done we will also pay you for you rebuilding (for example in this case wooden flooring ) ?"If that's true is it something I have to ask the insurance company or insurance company will drive it.Appreciate your input

I would like to know specifically if know I will be paid to get a new flooring .I would like to make sure I ask the right questions .

Thanks

That coverage has to do with a major event that causes the structure to have to be rebuilt.