All Forum Posts by: Tim Sansone

Thanks Jason! I'll reach out to John.

John,

Thanks for the reply! So, I guess there is no way to know what the payout would be in the case of a total loss with an RC policy? How about an ACV policy... would the payout be the limit on the policy when I set it up? The agent let me state the value on the ACV quote. I used $160,000. They set the  value on the RC quotes as $400,000. I bought the building for $150,000, which I feel is it's value. I said that $400,000 is too high. They said basically, that's the way it goes. The agent also said that there would be absolutely NO PAYOUT unless I rebuilt. Is that correct? If this particular house ended up a total loss, it would make no sense to rebuild on the same site. I could see myself taking the settlement and moving on to other properties.

My insurance agent is being less than forthcoming when it comes to info on homeowners insurance options. I'm trying to compare RC to ACV and she won't give me all of the options. The company has placed too high a value on my property (in an RC policy), and the main question that she now refuses to answer is "what is the payout in the event of a total loss?" Not only will she not give me a figure, she says that the insurance company will not give you anything unless you rebuild. I feel she is not being truthful. I've seen discussions where owners have taken the proceeds from a loss and purchased other properties instead of rebuilding. What is everyone experience with this problem? In an ACV policy, is the payout supposed to be the limit of insurance listed on the policy? Please help!