Q: How do I know how much to insure my home for?
A: Insurance experts report that many homeowners today are underinsured for several reasons. The primary two are 1) insurance agencies fail to update homeowner’s policies and 2)
homeowners neglect to update their coverage to keep pace with increasing costs of labor construction materials and replacement of personal household goods and possessions.
If your house burned to the ground, could you afford to replace it? Do your insurance premiums automatically increase to keep up with the rising costs of replacement value?
Check your policy or ask your agent to find the exact replacement cost limit for your home as spelled out in your homeowners policy. Remember, replacement cost is NOT the same as fair market value or sale price.
Are you looking to start the home buying process? Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.
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