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What type of home insurance do you have?

4 years ago

We've been looking for new home insurance and there are so many choices out there right now. We want to get a good deal but not pay out so much. When looking for home insurance do you consider that they have 2 ways you can go.....if something happens you can have your valuables paid for or you can have them replaced. I definately want to get replacement value as if something happens i want to be able to afford it again at the prices it would cost in the stores now. My neighbor had a fire years ago and didn't have replacement value and she couldn't afford to replace all that she had and had to buy what she could. Do you consider these things when buying home insurance?

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smacksman (4628) response was accepted on 6/3/2008.

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tags:

home, inflation, insurance, replacement value

minnie_98214 (4415) ranked 927 out of 32,962 in life

4 years ago

Wow good question I have no clue. I pay my house insurance yet I have no clue the kind of coverage I have.

Dreamfairy2 (71)	4 years ago
I didn't either till i checked on it, but if you just have replacement they only give you what they think the stuff is worth and if you have replacement value they let you buy new stuff to replace the old at todays cost. Just a thought.

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smacksman (4628) ranked 5,929 out of 32,962 in life

4 years ago

'New for Old' insurance is what we call that type in the UK and the premium is naturally more than a straight price.

The theory is great and works well so long as people don't abuse the system. One hears of people trashing their laptop or TV when they want to upgrade to a newer model and claimimg on their insurance.

We don't have new for old/replacement insurance but we do make sure the total sum insured increases every year to cover inflation.

Dreamfairy2 (71)	4 years ago
Oh i see, well that is good then. As long as it works for you.

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bhubaneshwars (1118)

4 years ago

Hello my son is in insurance business. Here in India there are tons of schemes. So he did the best and economical one. It has fire, theft, flood, earthquake coverage too. Normally these natural calamities are not included.

Dreamfairy2 (71)	4 years ago
You are very fortunate to have him to guide you, that is wonderful.

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