Speaking of disasters, our resident claims adjuster wants to remind everyone,

….the insurance company is not at fault if someone doesn’t obtain the full value of their home from insurance. Knowing the value of owned property, and properly insuring that for the correct value is the responsibility of nobody but the insured.

Many states… have what’s called a ‘Value Policy Law’, which means that in the case of a total loss, the insurance company MUST pay the full value of the POLICY. Remember, this is the policy. Not the full value of the property (if the policy is less than the property.) And if you overinsured your property for just this matter, you might be in for a surprise too (because you are not supposed to profit from insurance!)

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