You are required to provide proof of insurance when you sign your mortgage, but there is no enforcement on maintaning it.
I don't disagree that it is something you should have on your property, I'm just saying that as things spiral upwards in cost, like my fuel bill which has almost doubled in the last 6 months, other areas suffer.
Again I think the bigger problem is underinsurance, and no, everyone doesn't have replacement value, mine is a specific cap, and since I have been renovating since moving I adjust it after every major milestone.
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