Do You Have Enough Homeowners Insurance?

"Is my coverage adequate to rebuild my house and replace personal possessions?"

"Do I enough coverage for living expenses if I have to live elsewhere while my home is being rebuilt?" i.e. hotel costs and meals.

"How much liability coverage do I have in case of damage or bodily injury to others while on my property?"

So ask yourself, what is "Replacement Cost"? Most people think it is based on market value, however, that would include the land and the location, which do not effect the value of the structure. So you must take into account the following when trying to work out how much it would actually cost to rebuild...

• Rising cost of building materials.
• High cost of construction labor during disasters.
• Cost of replacing antique hardwood floors or granite countertops and custom cabinetry.

Make sure your insurance agent uses a reliable cost estimator to help determine the value of your home and coverage that you need. These systems allow specific criteria of the home to estimate replacement costs, reflecting 100% of costs using "like-kind" and good quality materials. And if you upgrade or remodel your home do contact your agent again to increase coverage.
BTW, we got a new roof etc. But not everyone is lucky! We don't live in a flood zone though. But who needs flood insurance?.....EVERYBODY!