FRIDAY, NOVEMBER 14, 2014
 Just because you have home insurance doesn’t mean that you’re fully protected. In fact, approximately 60 percent of US homeowners are underinsured, which can happen for a variety of reasons. In this article, we discuss some of the most common reason that homeowners are underinsured.
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Mortgage coverage: Some people purchase just enough home insurance to cover their mortgage in the event of a total loss, but this does not help you rebuild a home. However, working with your independent insurance agent be of great assistance in purchasing enough coverage for both.
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Inflation: Construction materials are impacted by inflation, rising by about seven percent each year. Review your policy every year with your agent to adjust coverage as needed to account for the costs of rebuilding.
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Remodeling: Fixing up your home almost always results in a higher property value. But many people forget to update their coverage after a big project. It’s important to always update your policy after remodeling, as well as discuss any necessary coverages that may have been triggered by the upgrade.
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Building codes: Older homes may not meet the current requirements for building code standards. If one of these homes needs repairing or rebuilding, it may also need to be brought up to code, which is a cost that should be accounted for in your coverage.
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Flood coverage: Floods can happen anywhere and at time, making it important for you to own flood coverage. However, this is excluded from standard home insurance policies and must be purchased separately, which is often forgotten.
Get a personalized assessment of your coverage needs today. Call First Insurance Group at (800) 511-2892 for more information on Richmond home insurance.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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