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Is Your Home Sufficiently Insured?

According to an analytics firm, about three of every five homes in the country do not have sufficient insurance coverage, in some cases as much as twenty percent less than the home’s value. Are you among these people? Would you have about $50,000 readily available to rebuild your home if it had a replacement hovering around $250,000? It’s something critical to take into account. Should your home suffer damage during a storm, being underinsured means you may be forced to pay the shortfall. Hence, it is imperative to do a thorough review of your insurance coverage. You may, on the other hand, be paying too much.

What are the rebuild and replacement costs? Contact your insurance agent and make sure you’re both on the same page about important property details such as square footage or the number of bedrooms and bathrooms. It’s also important to let your agent know if you have done any significant renovations. If you’re not cool with the estimate, do your homework and shop around.

Determine the amount of coverage you would like for the contents of your residence. The majority of policies pin contents coverage to a percentage of the total policy limit. It is not uncommon for policyholders to insure their contents at a value equivalent to about fifty percent of their home. You may need to figure out whether these contents are worth half of the structure’s value. For example, if your home has about $360,000 worth of coverage, you may not need $180,000 in contents coverage.

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This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with a Miami insurance claims attorney and receive a free consultation We look forward to working with you.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.