With ever-fluctuating home values, are you confident your homeowners insurance policy limits are enough to cover the cost of rebuilding your home, should the unexpected happen?

Understand Your Policy.Reviewing Your Homeowners Insurance

Read your policy to determine what exactly it covers. Most cover replacement costs, or payment for the cost to repair or replace damaged property using similar materials. A homeowners policy also covers your home’s contents, but coverage will vary based on your policy. You will want to purchase additional insurance to cover jewelry, collections, artwork and memorabilia.

Also keep in mind that while typical homeowners policies protect against fire, lightning, wind storm and many additional perils, but most do not protect against damage caused by floods, hurricanes or earthquakes. If you live in an area prone to specific natural disasters, it is a good idea to see about getting additional coverage as a stand-alone policy.

Insure Home Improvements

When making a major change to your home, it is important to talk to your insurer about those changes. Be sure to let them know the specifics to ensure you have adequate coverage. If you remodele a bathroom, let them know whether you installed a standard bathtub or a whirlpool tub or if your countertops are now made of marble – it all adds to the value of your home.

Understand Rebuilding Costs

As a general rule, rebuilding a home costs more than an identical home would cost as a new construction. That’s because rebuilding includes additional factors – like demolition, debris removal, worksite access and updated building codes – that can drive up the price of a rebuild. Don’t assume that the new construction cost of your home provides enough coverage. Consult a contractor for an estimate on your home.

Review Your Policy Limits

Make sure that your home has sufficient coverage on an annual basis by contacting Taggart Insurance to review your policy limits. Let us know if you’ve remodeled, made an addition or purchased an expensive item for your home. Even if you’ve gotten married or taken in an elderly parent who owns expensive heirlooms – with these lifestyle changes may come new items that need to be accounted for in case of a loss.

Our experts at Taggart Insurance believe that choosing an insurance advisor is as important as selecting an attorney, accountant, banker, or other professional advisor. As a partner in your success, our advisors strategically identify your needs and ensure you get the best policy possible.