Dang, I was kinda hoping this was happening across the board and I'd have an excuse to not shop around.
Yup, also $3M (though our house is ~700k). I don't that limit would make much difference to premium because they know they rarely have to pay anywhere near it.
I think the reasoning for a limit that high is if you had a fire that wrecked your home and several neighbours and city infrastructure, etc. Or if someone is killed on your property (e.g. trips down deck stairs and brains themself on a rock).
Of course the catch is the insurer would also look to wiggle out of paying if they could.
disclaimer: I have no idea what I'm talking about.
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