January 27, 2015
Is Your Home Underinsured?
Making Sure Your Home Is Properly Insured
Buying a home is one of the biggest financial investments you will ever make in your life, which is why it is important to make sure that you have the right amount of homeowners insurance to provide coverage for any issue. Unfortunately, more than 60 percent of homeowners do not have enough homeowners insurance. When looking for the right homeowners insurance policy, make sure to keep these tips in mind to ensure that you are not left underinsured.
- Increase your coverage when you renovate – renovating your home will typically increase the value of your home, which means you should increase your homeowner’s insurance coverage. If you do not report home renovations to your home insurance provider, you may not have enough coverage if your home is completely destroyed. Make sure to increase your homeowner’s insurance coverage when you make any renovations to your home to ensure that you can rebuild.
- Construction costs are increasing, so should your coverage – if you bought your home a few years ago, chances are that it would cost much more to rebuild your home with similar materials. When looking over your policy, make sure that the limits are high enough to provide coverage based on the current construction costs.
- Unique characteristics pose unique problems – older homes tend to have very unique features that can help to add extra character to your home. It can also mean a higher cost to repair, since higher quality materials and craftsmanship were probably used to build the house. Make sure that your homeowner’s insurance coverage reflects the cost that it would take to rebuild and repair any of your home’s unique features.
Contact the insurance professionals at Brewer-Lloyd Insurance Group in Mesa, Arizona for all of your homeowner’s insurance needs. We will work with you to ensure that your home is properly covered from any peril.