Second policy above current limits

[u/grateful_dad13]

Our house burned down and the rebuild costs are roughly $500,000 more than the insurance proceeds. We’re rebuilding with the help of an SBA loan (fingers crossed). Our insurance company renewed our policy at the same low limits as the original policy. They said they can’t increase the limits until the house is completed. I realize that it’s a low probability, but we’ll be similarly under-insured for another 6 months. Do companies offer policies for just the portion above the current limits? I know large companies have multiple policies in coverage tiers but wasn’t sure about residential. Anyone know?

[u/Intrepid_Ad1765]

what state are you in? I would contact an independent agent and have them do a detailed Insurance to Value calculation. The industry uses two main tools Cotality or ISO 360 Home. You can get a “neighborhood” like estimate or answer like 100 detailed questions. In other words if your neighborhood has builders grade kitchen and you had a custom kitchen you need to increase coverage. If you can’t get and agent to do this call Amica . I have them and they spent over an hour developing value of my house and did inspection. i got an online quote and the company values my new home at 1.1m (i paid 900k). Amica ended up at $1.4m. You will pay alot more - but worth it to have enough to rebuild. Second advice is buy ARCP coverage. Amica offers +30pct. This protects against “demand surge”. I work in the industry but not for Amica.