![]() The coinsurance clause is in place to encourage insured individuals to carry an appropriate amount of insurance relative to the value of their property. Why Does Coinsurance Exist?Ĭoinsurance may sound like a complex concept, but it’s actually straightforward. In other words, you can’t have cheap insurance on an expensive home and expect your insurer to completely cover the costs. ![]() These clauses require the insured individual to carry an amount of insurance equal to or greater than the stated coinsurance percentage of the insurable valuable of the protected property. Most property insurance coverage forms contain coinsurance clauses. ![]() Most Property Insurance Policies Contain Coinsurance Clausesįirst, having a coinsurance clause on your home insurance policy is not unique.
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