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Is Your Home Insured to Its Replacement Cost?

Losing a home to fire is devastating. But finding out your insurance doesn’t cover the full loss? That’s adding insult to injury.

Life is full of unexpected twists and turns. Be prepared. How much would it cost to rebuild your home? Make sure you know not just an assessed value, but actual replacement cost (they aren’t always the same).

No one wants to find out their homeowners policy doesn’t actually cover their entire home. Here are some quick ways to assess your coverage.

Rebuilding and Market Value Are Not Always the Same

Costs can vary – especially in areas where the real estate market fluctuates. A replacement estimate includes current labor rates, materials and contractor fees.

Other factors that affect the cost of rebuilding a home include:

· Total living area (square footage).

  • Style of home (e.g., ranch, contemporary, colonial).
  • Construction type (e.g., frame or brick).
  • Number of kitchens and bathrooms.
  • Quality of custom materials.
  • Garage type (e.g., attached, detached, built-in).
  • Special features (e.g., fireplaces, porches, skylights).
  • Additions or enhancements (e.g., finished basements or in-law apartments).

And don’t forget to factor in any significant improvements you’ve made. Did you replace the air conditioning or heating? Have you finished a basement or other addition? So often people take out a homeowners policy and don’t keep it updated as they make changes. Be sure to get credit for all the work you’ve done.

So, are you ready to double-check your policy? Here are the next steps:

· Talk to us at Enuff Insurance or your current insurance representative about the dwelling coverage on your homeowners insurance policy.

· Talk to us at Enuff Insurance or your current insurance representative for help getting an updated replacement cost estimate.

· Check your home’s replacement cost yearly, especially after making improvements. Remember, even small improvements can affect rebuilding costs.

We know your house is your home–where memories are made, and life is lived. You keep the memories safe. Let us make sure you always have a place to make them.

And remember, when it comes to insurance, Enuff is Enough.

If you’re ready to take the next step, click here to get a quote or call us at 615-988-5199