The coverage of the structure is the main component of a standard homeowners insurance policy. The bricks, the siding, the roof, the built-in fixtures are all examples of what makes up your Dwelling for insurance coverage. Especially in today’s volatile real estate market, market value and replacement cost of the dwelling are two different things. Do you know what the replacement cost is per square foot in your neighborhood? Did you do substantial improvements to the structure and interior fixtures of your home? Talk to one of our insurance professionals to make sure your Dwelling limits are adequate to cover your exposure.
Did you know?
I have a friend who lives near me, and pays a lot less why?
Well, many factors are involved when rating a home. Credit, value, rebuilding cost, the type of policy your friend purchased may be different, they may not have the same endorsements/features that your policy includes. They may have other policies with the carrier, resulting in a multi policy discount.
Why does my homeowners premium go up each year?
Every homeowners policy will see a small premium increase on renewal due to the fact that the coverage is increased each year. Homeowners carriers build this into the policy to keep the amount of insurance on the home in line with increasing replacement costs. You wouldn’t want to insured your house you purchased twenty years ago for the same amount today as you did back then.
Why do I have Other Structures coverage on my policy when I don’t have a garage?
Other structures coverage is automatically included on every homeowners policy at no additional charge. Even if there is no garage at the property the Other Structures still provides coverage for free standing structures on the property such as a shed or fencing.
My home is valued higher than what it is insured for, should I increase my coverage?
We always want to insure a home for what it would cost to rebuild as opposed to what the market value is, depending on the real estate prices in the area these two numbers can differ greatly.