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Does co-insurance come into play on a homeowners claim?

Anonymous

∙ 12y ago

Updated: 9/22/2023

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.

Wiki User

∙ 12y ago

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