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Interesting question. I am licensed in Virginia only, so my answers are for VA only. First, let's define Co-insurance. In VA, co-insurance is a method of getting the home owner to insure their home at the proper level. If you insure your home for less than 80% of it's value AT THE TIME OF THE INCIDENT then you would be required to pay a proportional amount based on the home's current value. here's the calculation...
the cost to rebuild your home is $100,000.
You coverage A (dwelling) is at $60,000
You have an incident that costs $10,000 to repair
the insurance company notices the deficiency
60000/80000=.75
therefore you are responsible for 25% of the repair plus your deductible for a total of $2500 plus deductible.
It's very confusing, so please call your local independent agent for more information.
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