Insurance Insights: Total Coverage
While most homeowners don’t experience a total loss, one-half to two-thirds of homeowners faced with total losses do not have sufficient coverage to rebuild their homes and replace their belongings. Consequently, homeowners may want to go over their homeowners policy coverage with their insurance agents. It is important to get an accurate estimate of the cost to rebuild their homes, which is known as the “dwelling limit” and is specified in Coverage A of the policy. It is a good idea to adjust the replacement cost each year to reflect building-cost inflation, which can be particularly high in the aftermath of hurricanes, tornadoes, and other widespread natural calamities that push the demand for construction services far beyond supply.
We know your home is one of your biggest treasures and protecting it is one of your biggest concerns. Make sure you are covered no matter what perils your home and family may face with comprehensive home insurance and unmatched customer service from the John M. Glover Agency. Unlike major insurance companies, we have access to multiple carriers, so we can shop around to find the best coverage options that fit within your budget.
Quick Tip: Homeowners who have remodeled or constructed additions to their homes should contact their insurance agents to update their information and coverage. Additions void the guaranteed and increased replacement cost provisions of the policy if the carrier is not informed.