After finishing up some showings my client and I parted ways. They called me later to tell me that nearby they saw smoke and stopped by the house to see flames. Apparently the car in the garage was on fire. They banged on doors of the burning home and next door neighbors getting people out while calling the cops. I couldn’t find a report of the fire in the news but even if the fire didn’t destroy the house most likely the water from the firemen did.
Recalling my insurance policy I realize that my house is covered for what the expected cost to rebuild the home not the loan value which was suggested by my agent to save a bit of money. Well thinking of it now, what about the cost of tearing down the rest of the structure and removing all of the debris. After a disaster I would hate to be short on the money to finish rebuilding the home. Just like many people miss out on the small details of renovating the house that causes costs to go up this idea could be problematic. Double check your coverage.
