Can I fetch two homeowner fire policies?
After reviewing our current policy our homeowners have acertained that our policy is not tolerable to rebuild.
building costs hold soared to almost $500.00 per square ft in this
sand community where fires are a constant threat.
We age going to ask for a policy beside an additional i million dollars
but what if we are turned down?
we cannot restructure with the current policy.
Answers:
You can to be sure carry two homeowners policies, but they don't respectively pay the policy goal - they'll pay you on a "pro rata" argument, WITH the coinsurance clause still applying - in other words, they don't "stack" over each other.
Your current insurance company should be THRILLED to hold you increase the limits to 100% of replacement cost, HOWEVER, your dwelling target might be above their capacity, depending on who you are near.
SERIOUSLY consider switching to a CHUBB policy, they do have the cadillac of insurance policies, and you wouldn't regret it.
You own elected to live in one of the most desirable places on this dirt. Fortune has smiled on you. But you take the cost of this venture next to you when you ask for insurance, because to an insurance company your property will become involved in a primary loss. It is only a thing of time.
Your coverage amounts have increased for a few years, during this time the cost of rebuilding( which is a thought of the desirability) have increased exponentially.
The loss frequency of fire( which you mentioned) is a actual cost factor to insurers. Not to mention catastrophic flood, and wind exposure. This is why some states own elected not to allow rebuilding in knob areas- this is done to protect life and the fortunes of folks similar to you.
Higher premiums will get you your coverage. You may enjoy to ask for Lloyds of London or Chubbs to insure. Ask you present company if you can get a 'rider' near a co-insurer such as these.
You can get two different policies, but most companies will ask within application if there is other insurance. If you answer truthfully, they may turn you down. If you do not, they may enjoy the right to deny based on misrepresentation of facts on application.
Ask your insurer if they enjoy a true 'replacement cost endorsement'. These will generally come surrounded by percentage increments of 25%. i.e. Form 1 pays 125% of listed amount, Form 2 150% etc.
Also ask if they hold field underwriters who can request better coverage amounts.
God help you if you are insuring beside a Dot.Com insurer. If you are, seriously consider talking to a local insurance agency, one that know where you live, and how much it really costs to repair or replace homes such as yours.
Good luck.