Hello,
We've purchased our first home, so home insurance is new territory.
The house has some old wiring, which the broker said if electrical damage occurs which is caused by the old wiring ,we will not be covered. We will be getting it updated, as the insurance requires this to be done within 3 months.
I'm unsure as to how the previous owners of 17 years were able to have home insurance with old wiring and not replace it, though. I'm a bit confused on that front. The current insurance policy will not just transer to us new owners, they are insisting on a new quote and application.
I asked for some quotes from the broker, and just got one back - $125 per month. That is for $530K cover with $750 excess. The cordell calculator came back with an insurance replacement cost of around 600K.
Does this seem reasonable? I'm not entirely sure what the $530K cover means, when the insurance replacement cost is 600K?
Excuse the silly questions - this is all new to me.
Thanks for any clarification.
We've purchased our first home, so home insurance is new territory.
The house has some old wiring, which the broker said if electrical damage occurs which is caused by the old wiring ,we will not be covered. We will be getting it updated, as the insurance requires this to be done within 3 months.
I'm unsure as to how the previous owners of 17 years were able to have home insurance with old wiring and not replace it, though. I'm a bit confused on that front. The current insurance policy will not just transer to us new owners, they are insisting on a new quote and application.
I asked for some quotes from the broker, and just got one back - $125 per month. That is for $530K cover with $750 excess. The cordell calculator came back with an insurance replacement cost of around 600K.
Does this seem reasonable? I'm not entirely sure what the $530K cover means, when the insurance replacement cost is 600K?
Excuse the silly questions - this is all new to me.
Thanks for any clarification.
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