Posted On: April 17, 2007, 1:33 pm CDT

Posted By: David

Jewel,

Sorry to chime in so late on this topic but I had to work for a little while today. In my state, you can add a building ordinance endorsement which will allocate some money (a set percentage of the structure limit) towards these upgrades so that way, you don't have to use your built in cushion.
Given the location that I think you live in, if your house is insured to value (100% Replacement Cost) and you have the added cushion for inflation (?) then you might be alright. When I went to insured my home, we just added another $30K onto the policy to cover any unforseen issues. When you have such a large scale catastrophe like Katrina, you would run into price gouging. They try to monitor it as much as possible but still some get thru the cracks.
My company also has another endorsement that you can increase your limit by additional % just for a safety net. Most insurance policies have a built in mechanism to take into account for inflation. Check with your agent. If you home is older and built likely before 1980 you might have some coding issue that would have to be addressed if you suffered a substantial loss.


David

P.S. "8BALL" I'm sure you will have something to add to this posting as well so lets hear it......your wife must be so in awe of your brilliance she is so lucky to have you.....