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Re: NAGICO Chairman Speaks
[Re: JMSH]
#163151
06/11/2018 03:25 PM
06/11/2018 03:25 PM
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Joined: Dec 2005
Posts: 692 Rhode Island
Bluesfan
Traveler
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Traveler
Joined: Dec 2005
Posts: 692
Rhode Island
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The reduction in coverage based on the amount of claim paid must be unique to the Islands......that certainly is not the case in North America. Maybe it is a European way of providing insurance. This is common in the US. If the replacement cost of your home is $500,000 and you only insure it for $300,000, your claim will be reduced proportionately. Insurance companies want premiums for the full replacement cost of your home. Read your policies carefully.
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