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Home Insurance Question from Woonsocket, Rhode Island
Answer given on May 28, 2019
Unfortunately, the purpose of a homeowner insurance policy is to protect you in the event of a major or total loss. I do not know of any insurance company that will allow the policyholder to choose the amount of insurance they want. This is, in part, due to the probability of a partial loss. If the insurance is not to the full replacement cost of the home, then a partial loss will be a greater portion of the premium collected on the home. Also, as you have seen in the multiple major fires on the west coast, people were underinsured and did not have enough insurance to repair or replace their homes.
It is unfortunate that the insurance agent or company did not explain the process of insurance on a home. I'm not sure where you had insurance before this company, but you can shop around as different insurance companies have different rebuilding figures per square foot, so you may be able to find a slightly less expensive insurance policy. You can also talk to your mortgage company to see if they can obtain a policy on your behalf for the amount of the mortgage. Either way you should have an option to pay on installments for the policy and therefore spread out the cost of the insurance over the year.
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