Hi.
I have received an insurance premium account and do not wish to insure my house for the same insured value as I have over the previous years. The reason for this is that if the house burnt to the ground or was in some other way totally destroyed, I would not want to rebuild it as big again (it has 5 bedrooms, 2 lounge rooms 3 bathrooms, etc) as I'm the only one living there now. Family has moved out.
Am I obliged to pay the huge premium requested by my home insurance company or can I request to pay a premium based on say half of the insured value of the house? After all, if the house is destroyed, it's my problem isn't it? You can do an 'Agreed Value' policy with a motor vehicle, so can you do the same with a house?
I own the house and land and there are no liens on the property.
Thank you.
I have received an insurance premium account and do not wish to insure my house for the same insured value as I have over the previous years. The reason for this is that if the house burnt to the ground or was in some other way totally destroyed, I would not want to rebuild it as big again (it has 5 bedrooms, 2 lounge rooms 3 bathrooms, etc) as I'm the only one living there now. Family has moved out.
Am I obliged to pay the huge premium requested by my home insurance company or can I request to pay a premium based on say half of the insured value of the house? After all, if the house is destroyed, it's my problem isn't it? You can do an 'Agreed Value' policy with a motor vehicle, so can you do the same with a house?
I own the house and land and there are no liens on the property.
Thank you.