What if your home was devastated by a fire, wind or other natural disaster? Are you certain your insurance would cover enough of your home to rebuild at today’s construction costs?
Sure, thinking about the aftermath of a catastrophe is no fun, but consider the alternative. If you don’t plan ahead and consult with your insurance agent to make sure your home is adequately covered before the catastrophe strikes, you could find yourself having to pay $50,000, $100,000 or more to make up for shortcomings in your homeowner’s policy afterward.
Every insurer offers its own coverages, its own limits and its own pricing. That’s where an independent agent can help you…we can shop around for you and find the best and most comprehensive coverage for your money. Plus we have experience dealing with all sorts of claims, so we can advise you on what types of coverage best suit your needs.
Some suggestions to consider when evaluating your homeowner’s policy – some companies offer guaranteed replacement costs. This helps because the insurer promises to rebuild the home at today’s building costs. Also, you should take into account special features of your home like hardwood floors, a newly-renovated basement or a pool in the backyard, as well as all other improvements you have made over time.
Another tip – some insurance companies offer “ordinance-and-law” coverage at an additional cost. That means if your house is damaged, the new construction of the damaged portion of the home will meet current building ordinances in your area, even if the home wasn’t built that way initially. Without this coverage, some companies may only pay to rebuild your house the way it was, which in many instances may no longer be legal accordingly to current building and municipal codes.
There are many things you need to consider when you evaluate your homeowner’s policy to make sure you have the right coverage. When evaluated properly, your coverage will give you the peace of mind to know you won’t be left out in a storm after a disaster.
If you have questions about your homeowner’s policy, please call your independent insurance agent here at O’Connor Insurance Agency. Our number is 314-434-0038.