I am wondering if anyone as received what is called replacement value? If the insurance awards for example 10.000 dollars for lost items and a few weeks later they give you what? a check? cash ? credit card? then you have lets say 80 days to spend all the money , then you spend it and you purchase all items back. After you Summit all the receipt to the insurance company are you aloud to go back to store and bring item back and keep the cask? please someone answer me
We are purchasing our second home while we maintain the first one as a rental property. The home we are purchasing is 5,000 and was built in 1974. A simple search of real estate listings in our city shows that a new home in a nicer neighborhood (much larger, actually) can be purchased for 229,000 or less.
So far, all the home insurance companies are giving me quotes with a replacement value for my home ranging from 229k-249k. How is it possible that replacement costs for my older home could higher than purchasing a brand new home with more square footage in a better neighborhood? Is there a method of disputing these findings?
