Hi, we recently purchased a 10 year old, free-standing condo for about $350K and were working with an independent agent on a policy. I'm confused about how much to cover for the "dwelling" portion. I had trouble understanding the condo assn's policy, but their insurance agent said that the homeowner is only responsible for improvements. If the place burns down they will restore it to the base spec that was originally built. They said it'd be with the same builder. I sent the condo policy to my independent agent, asking to help us determine what amount to cover, and she basically said it was our problem to figure that out. She said to ask the condo policy company what they think we should cover and she said that she has never reviewed a condo assn policy. Some questions:
1. Is it typical that an independent agent would not review the condo assn's insurance policy and help us get to an answer?
2. Does anyone have recommendations on what to carry for a dwelling policy? We have put in around $30K in improvements; we are unsure exactly what the original owners did. Currently we are covering $300K for dwelling and I'm thinking that may be too high and perhaps it should be lowered to $100K or less. I guess I am still a little mistrustful that if the house burns down they are really going to rebuild the condo using the same specs as the original. (This is the first condo we've ever owned).
1. Is it typical that an independent agent would not review the condo assn's insurance policy and help us get to an answer?
2. Does anyone have recommendations on what to carry for a dwelling policy? We have put in around $30K in improvements; we are unsure exactly what the original owners did. Currently we are covering $300K for dwelling and I'm thinking that may be too high and perhaps it should be lowered to $100K or less. I guess I am still a little mistrustful that if the house burns down they are really going to rebuild the condo using the same specs as the original. (This is the first condo we've ever owned).
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