Quote:
Originally Posted by LIKEABOSS  I wonder if the owner's insurance will pay out the amount stated in his "BC Assessment" (probably around $750,000) because I don't think he would get anything near that much if he sold it on the market. |
As someone said earlier, that value is almost entirely on land. Furthermore, house insurance doesn't operate this way. You insure your house based on an amount of replacement if an accidental incident was to occur. The owner could have been insuring the cost of replacement of $200k, $300k etc, all of which reflects the insurance premium. Someone correct me if I'm wrong. Earthquake protection etc. are extra coverage.
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