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Posted by $cott on April 10, 2006, 1:00 am
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Do you have enough homeowners insurance coverage? You may be surprised
to learn that many homeowners do not. In fact, 59% of American homes
are undervalued by an average of 22%, according to Marshall &
Swift/Boeckh (MS/B), a supplier of building-cost information and
property-valuation technology and services for the insurance industry.
One of the causes of undervaluation is that many homeowners are not
actively involved in the insuring process and have limited access to
the estimating process that is used to determine adequate property
coverage. Another cause is that homeowners often fail to report home
improvements or additions they make to their insurance carrier.
Ultimately, the amount of insurance coverage is up to the homeowner,
and working with insurance companies or agents to develop a complete
assessment of coverage needs is always important. With modern
technologies and estimating tools that homeowners can access, working
closer with insurers and their agents has never been easier.
If you are uncertain about the value of your home, MS/B offers a
powerful web-based calculation tool at AccuCoverage.com through which
homeowners can obtain an independent home valuation estimate to share
with their agent. Most importantly, follow up with your insurance
carrier to find out where you-and your home-stand with regard to your
current coverage.
Here are some questions to help you determine if you should adjust your
homeowners coverage.
1. Have you made any major home improvements? Built a deck, added on a
room, remodeled your kitchen?
2. Has it been more than a year since your insurer last calculated
your home's replacement cost value?
3. Have home values -- or building costs-in your area risen or fallen
dramatically in recent months?
4. Is your home historic or considered unique in some way?
5. How much will your insurer pay for specific losses in the event
your home is destroyed?
6. What percentage of home contents does your policy insure? Most
policies insure the contents of a home for some percentage of the total
replacement cost of the structure (50% to 80% is common). Having
adequate coverage for the building dramatically affects what will be
paid for in contents.
You can find more articles like this by subscribing to my newsletter or
by visiting www.RealEstate-IQ.com.
Regards,
Scott Miller
National Commercial and Residential Lender/Broker
1.877.716.6495
EZMortgageLoanz@aol.com
www.RealEstate-IQ.com
www.EZMortgageLoanz.com
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