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I have heard, in the event your house burns down - typically the homeowners insurance will pay out your house value, but that generally does not cover enough to rebuild the house. Apparently the cost of cleaning up the property & hauling everything away can eat up most of the amount paid out by your homeowners insurance.
Would an umbrella policy help in this case?
For example, my homeowners policy will cover the 250k. If the cost of hauling away is 100k, I'd only be left with 150 to rebuild - which I know is atleast 100k too low in this area. On top of that, I still have 290k owed on the mortgage. (I've questioned the discrepancy between my home value vs replacement cost, and there's a considerable difference, but the answer has been the same, the land has value but does not need to be replaced). Would an umbrella policy help bridge the gap - to rebuild atleast (not the outstanding mortgage) ?
2 years, 10 months ago on Protect Yourself from Catastrophic Loss With an Umbrella Policy