Home Insurance payout option, worth the premium?
TD's home insurance has this optional feature that came up within the past year called Settle Your Way where you can take a cash settlement in lieu of having your house rebuilt.
The most likely scenario where we would take the settlement is in case of a disaster such a forest fire (less likely but possible - that ravages the conifer-forested neighbourhood) or an earthquake (very possible as major earthquakes have occurred in the region numerous times in the past millennia every 300-500 years.) Right now with the building boom, construction costs and wait times are already high and long respectively. I hate to think how much they'd both increase if many structures are damaged or destroyed. It could take years to rebuild.
Just wondering what you think of this as an option. For me, the premium is $89.
The most likely scenario where we would take the settlement is in case of a disaster such a forest fire (less likely but possible - that ravages the conifer-forested neighbourhood) or an earthquake (very possible as major earthquakes have occurred in the region numerous times in the past millennia every 300-500 years.) Right now with the building boom, construction costs and wait times are already high and long respectively. I hate to think how much they'd both increase if many structures are damaged or destroyed. It could take years to rebuild.
Just wondering what you think of this as an option. For me, the premium is $89.
I smile when I see container ships sailing past my house laden with stuff made in China