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A comment on Why car insurance in America is too cheap. Parent comment

Re:Why car insurance in America is too cheap by slavboj on Saturday February 03, 2024 @06:04PM (#39245676)
Insurance makes you whole, not the property. You are perfectly welcome to pocket the cash. Although if you have a mortgage, you do have an additional obligation to maintain the value of their collateral or pay off the loan.
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Re:Why car insurance in America is too cheap by phonon on Monday February 05, 2024 @10:24AM (#39262156)
If you have replacement cost coverage (as opposed to actual cash value (=depreciated value) you typically have to use it to reconstruct the home if you want the full amount. This is typical.

"We will pay no more than the actual cash value of the damage until actual repair or replacement is complete." [0]

[0] https://www.iii.org/sites/default/files/docs/pdf/HO3_sample....

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Re:Why car insurance in America is too cheap by whimsicalism on Monday February 05, 2024 @11:47AM (#39263268)
Terrible idea, so glad the government structured NFIP this way.
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