The lot won't burn. A proper home policy will have coverage that will rebuild the same house, as well as upgrading services and replacing the foundation. Then there are contents, outbuildings, contents of outbuildings...
All of us here need to be sure the outbuilding content coverage is sufficient, because one snapon toolbox is a lot of dough. There was just a story here about a half wit who lost his building, a motorhome, a reasonably new Challenger, a couple of classics, and a motorcycle or two. Not a cent of insurance. I won't donate to his go fund me because he is a berkeleying moron.
