Your home is currently insured for $800,000. The inspection, completed in January, estimates the replacement cost to be $1,130,334. The annual premium to increase the dwelling to $1,130,334 and the contents to $150,000 is $8,905.06. We recommend increasing the dwelling limit to the full replacement cost so you will not incur a penalty for being underinsured in a claim situation. Additionally, the inspection reveals a dock on the property valued at $16,300.
Your home is currently insured for $800,000. The inspection, completed in January, estimates the replacement cost to be $1,130,334. The annual premium to increase the dwelling to $1,130,334 and the contents to $150,000 is $8,905.06. We recommend increasing the dwelling limit to the full replacement cost so you will not incur a penalty for being underinsured in a claim situation. Additionally, the inspection reveals a dock on the property valued at $16,300.