• @Trainguyrom@reddthat.com
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      75 months ago

      My in-laws learned this the hard way after a total loss fire. Their insurance covered the current value of the house, not the cost to move/replace it in a total loss scenario, so now they have a big mortgage for their new house when the old one was nearly entirely paid off

      • @GetOffMyLan@programming.dev
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        25 months ago

        Yeah I’m sure every home destroyed was worth over a million. That’s just a straw man.

        My home insurance in the UK covers the full cost of tearing down and rebuilding if the house is damaged beyond repair. As it bloody should.

      • @nomous@lemmy.world
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        45 months ago

        Ah so just purchase more insurance for the things the insurance I already pay for doesn’t cover?

        • @capital_sniff@lemmy.world
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          -55 months ago

          Absolutely. It is also never a bad idea to have at least 6 months in expenses saved up in cash for emergencies. And another 10 thousand to keep an attorney on retainer.