accident does happen...

I used to argue with my agent to reduce coverage and save a few bucks, and for SFH/Duplex, I carry a 80-20 policy, where insurance covers 80% of replacement cost, while I self-insure 20%.

I can tell you guys, accident does happen, I hadn't file a claim for almost 15 years, because I don't claim anything unless is 5k or more, but last 3 years, I had 3 fire claim within 18 month period.

the first one was major, near 500k in claim, 2nd one only $4500, 3rd one is 94k. the 3rd claim, insurance only paid 80% of the replacement cost. which is 94k, yes it only cost me 47k on rebuild, but the few dollars I saved, not enough to justify the 25k I lost in claim.

this year I went back to 100% replacement cost, up deductible from 2500 to 5k.