Total Loss on Homeowners? How many?

[Policy Monkey]

It's my understanding that the total loss calculation really is as simple as repair cost vs dwelling limit. As I explain to my clients: "You don't want to underinsure because you may not have enough to rebuild the house. And there's no point in over insuring it because the most you would get is the replacement cost anyway."

As far as a database that keeps track of total losses... no clue if one even exists. At least not that I have access to.

 

[Policy Monkey]

Auto Total Loss is easy to understand.

I find auto losses much more confusing since they rely on subjective metrics like market value, overall condition, past repairs, etc.

 

[kpbdy99]

Great responses, everyone. thanks.

 

[Al3x Lee]

Al3x's photo is super helpful -but how do you translate that into a national database? Perhaps Al takes photos of everyone?

I'll delegate that to people smarter than me