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!
513-793-9889
Related Posts
