Question: How much insurance are you required to have on your home if you do not want any claims to be penalized and the replacement cost of your home is $250,000?
How much will you have to pay out of pocket for repairs on your home if you have your home insured for $100,000, the replacement cost of your home is $150,000, your deductible is $1500, and your home suffers $10,000 in damages?
How much will you have to pay out of pocket for repairs on your home if you have your home insured for $80,000, the replacement cost of your home is $150,000, your deductible is $1500, and your home suffers $10,000 in damages?