Name:   MartiniMan - Subject:   One caveat to this approach Date:   10/20/2016 2:52:45 PM

That's the crap shoot with homeowners insurance, right?  Do you set the coverage to pay for a complete rebuild and pay the extra premium or do you hedge your bets recognizing that in the event of a total loss you won't have sufficient funds from insurance to do a complete rebuild?  As you said, given the fire department situation a fire would probably be a total loss.  

A lawyer friend of mine's family had a home on Lake Burton that was in the midst of renovation when it burned to the ground.  The insurance did not pay for a complete rebuild so the family elected to get an additional loan to rebuild the house to meet their needs.  For them it made sense because home prices on Lake Burton are out of this world when compared to Lake Martin.  My home on Lake Burton would be worth three times what it is on Lake Martin, if not more.  So it made sense for them to make this investment but I'm not so sure for Lake Martin.