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Is my house financially protected?

Aug 30

1 min read

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There are some people out there that are highly interested in their personal insurance-but if you are anything like I used to be, you probably don't think about it unless you need to use it.


I don't blame you! Really, that is how it should be.


Here's the catch: when you don't review your homeowners insurance each year, your home could likely become under-insured.


 

What is being under-insured mean?


As the prices of construction cost rise with inflation, changes in the market, and supply/demand-- typically the cost to build your home rises bit by bit each year. This can be dangerous as your homeowners insurance has a "Dwelling Limit" (also referred to as "coverage A") that will only pay out that amount to re-build your home.


So if you last updated your homeowners insurance in say, 2020, then your rebuild value has surely skyrocketed. In some cases we are seeing close to a 90% increase in re-build costs. If a total-loss occurred, you may only be paid out for a portion of your home to be rebuilt. This could be $100,000's on the line, if not properly insured.


For a free review of your personal insurances call us at McCord Insurance Agency today!

info@mccordinsurance.com

513-793-9889

Aug 30

1 min read

0

1

0

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