If you are like the vast majority of Americans, your home is your most valuable asset. CNBC tells us that the average new home in America is above $400,000 for the first time ever. That’s a significant asset to protect.
Since the pandemic, essentially all home values have skyrocketed. A house or property today is likely 15%-20% more expensive than it was before the pandemic began. This could mean that you need to increase the amount of insurance on your property. If the value has increased, your current coverage may be insufficient.
When shopping for homeowners insurance, you need to ask a few basic questions:
Does my insurance cover natural disasters? Flood or earthquake protection is usually protected by a separate policy. If you live in or near a flood plain, this may be merited. All of us in Middle Georgia remember the flood of ’94 and the damage that ensued.
Are the contents in my house protected? In other words, if someone breaks into your house and steals from you, will your homeowner's insurance cover that? The answer is likely yes, but only to a point. If you have valuables worth over $5,000 you will likely need a separate policy to protect them that will require an itemized list.
How much personal liability coverage comes with this policy? If a tragic accident happens on your property that causes injury to someone, will your homeowner's coverage be sufficient to protect you? This is extremely important to know and may prompt you to purchase a broader umbrella policy.
Is my dwelling coverage enough? Dwelling coverage protects your home’s structure. It covers repairs to your house and attached buildings like a detached garage. With the increasing costs of construction, pervasive labor shortages, and supply chain issues, are your limits adequate to replace your home in the event of a total loss?
We want to help you protect what matters most. The secret to getting any type of insurance is to work with an independent insurance agent who understands you and your unique situation. What we have learned at Roland, Abbott, & DeZoort is that every situation is different and cookie-cutter approaches do not work. We take the time to understand you so we can offer the right coverage at the right price. Give us a call and let's find a solution that works for you.