Quote:
Originally Posted by Hondaracer
My main beef with them is that the replacement cost of the home itself is only somthing like $670,000. I told them we would not be able to rebuild the home for this, but they refused to give me anymore.
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I questioned this too with BCAA so I read their terms and it says:
Quote:
Guaranteed building replacement: If our valuation of the
property in Coverage “A” isn’t sufficient to repair or replace your
home following insured damage, we’ll still pay the amount
needed to do so provided the following conditions are met. To
have this coverage you must:
a) accept our valuation and insure your home to this value; and
b) promptly tell us about any renovations, alterations or
additions over $25,000; and
c) within a reasonable time frame, rebuild on the same site and
with materials and design of the same kind and quality.
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So basically what it means that we'll value your home (mine was only $700xxx) but if it ends up costing more, we'll still cover you.
Maybe check your wordings for similar language?