Homeowners' Policy

[Daniel H.]

Hoping that someone here can help me select the best coverage for my primary residence. It is an attached condo. I just got off the phone with Geico/Liberty Mutual and they just seem to want to raise limits and recommend I keep all coverage. I am not sure I trust all the answers I got.

I called to question the additional coverages I had listed. "Personal property replacement cost" and "increased additions and alterations". I removed the replacement cost because I do not own anything of great value in my house.

He got pretty funny about the increased additions and alterations. He kept putting me on hold. He said it covered upgrades I did to the inside of my unit. I haven't done anything so I told hom to take it off policy. He put me on hold again and said that removing that would actually drastically reduce my dwelling coverage from $30,000 to $1,000 only. ??? Is this BS?

Also, what should my dwelling coverage be on a condo? It just covers inside right? I have it at $30,000 right now. He told me I should up it to $87,000. Condo is only worth about $100,000. I paid $150,000.

[Joe Bertolino]

Most condo policies are walls in or studs in, I would be very surprised if your master policy for the association provided coverage for cabinets, fixtures and flooring. There is a also still a liability exposure.

For $250 per year, I think you are being penny wise and pound foolish.