Ohio home ins question [View all]

[Marthe48]

I'm getting ready to pay home ins. on a policy we have. The company says in OH, the law requires you to carry the cost of replacing a house. It used to be you had to have enough to cover the mortgage. I read that ins. companies have begun insuring for replacement value, because it is a legal way to raise the cost of the premiums.

If anything happened to the house I'm insuring, I wouldn't replace it. I'd pay off the mortgage, clean off the lot and sell the land.

I looked up OH laws regarding insurance, and the thing I read says it is recommended to protect the home owner, but it didn't say that the law requires the homeowner to buy the replacement coverage. Any thoughts? Thanks!