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Thank you very much Dana!
You wrapped around all my issues, and I have a better understanding now.
There is nuance to this that is best discussed with an insurance broker, but in general I really recommend insuring your property to the full amount listed in the appraisal even if you think the estimate is too high.
Does this mean that a condo could not insure for the full amount?
I didn’t even know that was an option nor do I believe it should be…
I just imagine Owners suffering from Boards “saving a few bucks” in a full loss situation.
A risk not worth taking.I appreciate the detailed response.
Thanks!
