Bob
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Your insurance agent will be able to help you out with this very important question. Here are a few tips that may give you a heads up when talking to your agent. Find out the dollar amount per sq. ft. to rebuild you home (contractor websites). The cost per sq. ft. varies with type of construction, area, and any upgrades you have in your home. In other words do you have a wood frame home with a wood shake roof or a brick home with a tile roof. Are you in an area with easy or difficult access for builders. Have you installed gold plated faucets, Italian tile etc. All this adds up. Remember, the amount you insure your home for (Coverage A) determines under nomal circumstances the amount of coverage for the contents of your home (coverage C). Fifty percent of coverage A is your coverage for contents (coverage C). Since most insurance companies offer replacement cost for the dwelling (agreement to rebuild the home no matter what insured for in case of a total loss) the company will insure your home to the max if you have this coverage. Don't let them overinsure your home but do not underinsure. And remember your agent represents the company, not you. Hope this helps. |
froggy_deedoll
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Bob had very good suggestions.. But if you haven't reviewed your policy with your agent, it is both of your faults..
Over the last 10 years on your Homeowner renewals, you should have seen the dwelling coverage go up, as well as some of the other coverages, since they are a percentage of the dwelling. If it hasn't,,then something is wrong with the company you are with. It is a good idea to make an appt. with your agent, and sit and go over every part of your home. If you have put a new roof on just for general maintenance, we do not know unless you tell us. Same goes for electrical ( new breaker box), plumbing,,updates.. Anything new,,,such as putting on a deck, or adding a jacuzzi tub, affects your reconstruction cost. If not once in 10 years, your agent has suggested a review,,,I would look around. |
Paula M
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Make sure your policy has replacement value . Home policies are "living, breathing" documents that must change over time. Ask any california resident whose house burnt down or slid down the hill and their million dollar home was initially insured 18 years ago for a whopping $210,000. And that's it. |
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