 Posted: Mon Aug 15, 2011 5:21 pm Post subject: Dwelling policys info |
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I have two rental properties that have an appraised value of about 50,000 each. They are older homes that are paid for and if I suffered a partial loss on either, I would not rebuild as the location of property with nothing on it is worth more than either of these homes for future commercial use. The current company I am with will now only insure them for replacement cost or cost to rebuild and they have the cost set to rebuild at about 110,000 each.
The previous policy coverage was a Dp1 with a special DP300MO for some special provision in missouri. The new policy they issued is a DP3. Are there still companies that will sell a Dp1 with a stated value or no replacement cost coverage that will just cover the market value or depreciated value of the property?
My other option is to carry only liability as I have no intentions of rebuilding either house if they suffer a significant loss and it would only require about 3000 to demolish either.and make the property worth more by itself. I feel it is rediculous to insure for an unlikely probability of replacing either.
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Mike O
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