Need Help for Insurance Problem

[Kenny2011]

Hi,
I'm having trouble with one problem and I'd like to ask for your advice. The issue is about property insurance. Suppose I own a house which present value is $2.5 Billion. For insured purpose, I buy 2 insurance contracts for my house when fire occurs from 2 different companies with value of $1.5 Billion each.
I want to ask how can I receive insured money when my house is completely destroyed by the fire.
I really need the answer ASAP, thanks for reading this topic. I'm looking forward to hearing the answers soon.

 

[mmaedelins]

Only the primary company would pay out. No one would ever get paid twice for the same claim, its called double indemnity. You are better off going to an agent and having him/her discuss your options for insuring your home on one policy through one company so you don't commit insurance fraud.

 

[iiinycboi]

youre not allow to profit from p&c insurance

but i think over here in ny they will pay equal share.

so if your house is 2.5 billion.

company A will pay 50%
company B will pay 50%

unless youre talking about umbrella. where company A max out and if need extra company B the umbrella covers the extra