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My home insurance renewal notice came recently and the premium has increased more than I expected. I called my broker both to see if I was adequately covered for a total loss and to see if there were any choices that could be made in coverage to mitigate the premium increase. Sure enough, total building replacement was way under-valued but, paradoxically, building contents was way overvalued. I asked if if was possible to reduce the contents value insured to compensate for any increase in building value insured and was told by the broker that the former value was inextricably linked to the latter value and that this was the case for all insurance companies. Is this true? It seems like insanity to me.

The broker also told me that I would not see a substantial premium decrease if I were to switch from insuring the contents for replacement value to insuring it for depreciated value. this too seemed bizarre to me.

Should I be looking for a new broker and, if so, does anyone have recommendations?

Thanks,

John Ife