I like to read The Motley Fool once in a while. Its usually got some good information. And its always well written.
I just read an interesting article about making sure you have enough insurance. The article tells the story of a reader who paid off his house and then had a claim. The house was destroyed. He was told he had “replacement cost coverage.” But, like most things, it did not cover the entire value of his house.
I have said it before, and I will say it again. To make sure you have enough insurance, get several quotes. Have a contractor come out and tell you what it would cost you to rebuild your house. Get a quote from an appraiser. You must be proactive about this.
The insurance companies will not gaurantee you have enough insurance. Its up to you to make sure that you are insured properly!