We're reviewing our property insurance on our 1834 house (also a national historic landmark). Do you recommend insuring at 100% of value, even when there's no intention of "replacing" the house, should you have a total loss? Secondly, do you get your own appraisal of replacement value, or do you only count on the carrier/adjustor and/or agent to calculate "replacement value" of your house? Last, do those of you that insure at less than 100% replacement value purchase "co-insurance" to avoid penalties for being underinsured? What's best practice in this case, or is there?
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Dawn Salerno
Executive Director
Rotch-Jones-Duff House and Garden Museum
New Bedford MA
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