I need opinions

emilykristene2006

We have State Farm for our homeowners. They just upped our insurance another $700.

I've been shopping around and no one will insure us for under $300,000. Thanks to the market, our house went from over $400,000 to just above $200,000. We only owe $180,000. 

State Farm is offering to drop the coverage to $200,000 from $300,000. If it costs a little more to rebuilt if something happens, we would just take the $200,000 and mortgage the rest. Does that make sense?

We live in Florida, but with all of the hurricanes there has never been any damage where we are (in the 18 years we've lived here). I realize things could change. But, $200,000 would be a good start to rebulid right?

I hope someone can make sense of this. Would you drop the coverage? 

Jodi&Joe

Yes, I would drop it. 

kittycarr

I'd suck up the increase. 

Mrs.Tony

$700 is a big increase but I think I would keep it.  I tend to be more cautious with insurance because unfortunately I see so many people in my profession that are underinsured.