My question is to do with property insurance, I hope somebody can help
We have just purchased a holiday home & now that we have finished renovations we hope to have insurance upgraded from agreed value to replacement.. The bach is on a septic tank (as is the whole town).
If the unthinkable were to happen & an event caused a total loss of the building, the local & regional councils require compliant septic solutions to be installed for new builds.
The tank is functioning well as designed & was only intalled around 13 years ago, so has plenty of life in it yet but I doubt it would be compliant to new standards. Would the replacement insurance policy take care of this (around $40K+ for a new solution) or would we be on our own so to speak? The registered valuation is $160K so $40K is proportionally high & money we wouldn’t have. I am a nervous person so any qualified help would be appreciated
We have just purchased a holiday home & now that we have finished renovations we hope to have insurance upgraded from agreed value to replacement.. The bach is on a septic tank (as is the whole town).
If the unthinkable were to happen & an event caused a total loss of the building, the local & regional councils require compliant septic solutions to be installed for new builds.
The tank is functioning well as designed & was only intalled around 13 years ago, so has plenty of life in it yet but I doubt it would be compliant to new standards. Would the replacement insurance policy take care of this (around $40K+ for a new solution) or would we be on our own so to speak? The registered valuation is $160K so $40K is proportionally high & money we wouldn’t have. I am a nervous person so any qualified help would be appreciated
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