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Summer – Time to Check Insurance Coverage!

Summer – Time to Check Insurance Coverage!

Summer – Time to Check Insurance Coverage! Wildfires in the West and the start of Atlantic hurricane season are compelling reminders that you might not have enough homeowners insurance or you have too much and you’re paying for insurance you won’t use.

“Don’t blindly trust that your insurance company has you fully covered,” warns United Policyholders, a consumer advocacy group. “An insurance salesperson’s main objective is to sign you up as a paying customer. In most cases, they will gather basic info from you, run it through a computer program, calculate your policy limits and give you a fast price quote.”

Your goal: Buy the right amount of “Coverage A” so you can afford to rebuild after a loss.

Here are four ways to figure out how much “Coverage A” you need:

1. The Software Method

It takes about 30 minutes to buy and use a do-it-yourself online replacement cost estimator. E2 Value “Pronto” ($25), Accucoverage ($8) and HMFacts ($7) are three products you can use.

2. Get a professional insurance appraisal.

Hire a building contractor or a professional home replacement cost estimator to estimate your rebuilding rebuilding cost. Ask your insurance agent if your insurance company offers this service. If not expect to pay a few hundred dollars.

3. Let your insurance agent do it based on full information about your home.

Tell a knowledgeable agent about your home’s details and features and be sure to tell him about any valuable possessions or collections. Confirm in writing that your replacement coverage is adequate.  Summer – Time to Check Insurance Coverage!

Buy the largest extended replacement cost endorsement you can afford, this extra coverage pays more than 100 percent of the cost to rebuild.

4. The Rough Math Method

Divide your home’s dwelling insurance limit by your home’s square footage. That’s how much per-square-foot money you’ll get from your insurance company.

Now, contact a contractor to find out the per-square-foot cost of rebuilding a home like yours.

Multiply your home’s square footage by the local cost per-square-foot to rebuild locally. How does that compare to your Coverage A limit?

If you need help finding a good insurance agent, contact me. I can refer you to a local expert. Summer – Time to Check Insurance Coverage!

About Deborah Laemmerhirt

Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers. As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible. My services include: Explaining the home selling and buying process thoroughly Diligently selecting homes that meets your criteria Pricing your home correctly and implementing a unique yet proven marketing plan Negotiating on your behalf Tracking the closing process to ensure a smooth transaction I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process. I specialize in both Residential and Commercial Properties. I also head a Real Estate Group to provide you with expert service and support. Areas of Expertise Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings. I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.