Your insurance will only cover your loss – and many homeowners make the mistake of including the price of the land that the home is built on in their replacement cost. You will never be able to claim on this – as the land will remain intact, regardless of what happens to the building. Your home value (for insurance purposes) should only ever be the value of the buildings on the property – leave the land value out of it and you’ll notice significantly lower premiums. Furthermore, if you don’t own any jewelry of note, then removing the coverage may decrease rates.
