This past weekend, I took my kids to see Disney Pixar "Monsters University. " Despite being a movie entirely on monsters - a scary theme - there was a sound history and lots of laughs. A great family movie!
In the adult world, there is much more scary things as monsters. Colorado residents are facing the most destructive fire in state history. If the loss of their home is not scary enough, if they do not carry enough insurance to rebuild? Ensure your home value is one of the most important steps you can take to completely protect your greatest asset.
Many people believe that their insurance coverage must be based on the price they paid for their home. Others believe they are adequately secured if the insurance coverage is based on the fair market value (the amount the owner would expect to receive if the house was sold today). And for those who just finished building a new house, you see no reason to be operated for more than what it costs to build, right?
The amount of insurance you buy should be based on the cost of replacing from home. The cost of replacing or rebuilding a damaged home are significantly higher than build a new home. Why?
- demolition and removal of debris costs.
- Rebuild current codes local building.
- architectural work problems that are not often encountered in the new special planning and construction process.
- specialized contractors and skilled workers for repair and reconstruction of houses in a labor rate is usually higher than the rate negotiated in the construction of a new home.
also consider changes in the cost of construction materials. Supply and demand and the effect weather the availability and price of materials such as wood and plywood.
What is the amount of insurance you are you wearing? Is it sufficient? I am not trying to scare anyone, but it is important to think about what would happen if you lost your home and had to rebuild
Here are 3 simple steps to get you started :.
1. Make an inventory outside / inside your home. Things to consider: (. Cladding, brick or stone veneer, etc.)
- Total living area (including bonuses and finished basements pieces)
- Exterior wall construction
- roof type (asphalt composition shingles, wood shingles, etc.)
- additional features such as garages, decks, porches or chimneys
- Features and finishes (custom manufacturer of quality, etc.)
2. Share this information with your insurance agent. Most insurance companies use an estimator that calculates the cost of reconstruction with the information provided by your agent.
3. Review your current home insurance with your insurance agent to determine if changes are needed. Consider adding a replacement cost endorsement for your extra protection policy.
One of the most important things to remember is that you change your home, adding a platform for finishing a basement, it is important to contact your agent and update your insurance coverage. It is recommended to do every 3 to 5 years, or as needed based on updates or renovations
For more information on insuring your home to value, see these leaf tips :.
My owners of the policy and insurance to the value of
is your home insured for the value?
Why reconstruction usually costs more than new construction
Understanding the cost of rebuilding your home and how it affects your insurance coverage is not scary, especially when you have a trusted advisor to help you. Contact your insurance agent today!
0 Komentar