Rebuilding Your Home After a Disaster
Many homeowners mistakenly believe that the amount of insurance they carry is in some way connected to the market value of their home. Insurance is related to the cost necessary to rebuild your home and your home life in the event of a disaster.
Corona CA (PRWEB) July 23, 2004 -- It's wildfire season again and the indications are that the number and severity of the fires may eclipse last year's devastation. What better reason is needed to pull out your homeowner's insurance policy and review it. The nature of homeowner's insurance is that it is designed to rebuild your home and your home life in the event of a disaster. Edward Deeley, owner of Ownership Records, reviews the homeowner's insurance policy as a part of their Home Inventory Service. "Over 90% of the homeowner's policies that I review show that the homeowner is not adequately covered against loss," said Ed Deeley. "I send each of these homeowners running back to their agent to get the coverage they thought they had."
Many homeowners mistakenly believe that the amount of insurance they carry is in some way connected to the market value of their home. Not true. Insurance is related to the cost necessary to rebuild your home. Quick test: What is the per square foot (SF) cost of home reconstruction in your neighborhood? Don't know? Then you dont know if you are adequately insured. How this works: Take a 2000 SF home. If the average reconstruction cost for a home in your neighborhood is $200 SF then you would need $400,000 in replacement insurance. To find out the average cost per SF check with your insurance agent or the local government building office.
This is certainly an oversimplification of the process for determining an adequate level of coverage but if it gets you to check your policy and talk with your agent then it has served its purpose. While you are talking, be certain to ask about Building Code Upgrade coverage. Chances are that if your home needs to be rebuilt, there are changes in the building codes or zoning laws that will affect the reconstruction and the cost associated with it. Most homeowner's policies are including this coverage now, but it is a good idea to make certain that your policy includes this coverage.
About Ownership Records. Ownership Records is a professionally staffed company that specializes in Residential and Commercial Property Inventory Services. Contact Edward Deeley for additional details including: TIPS for Doing a Homeowners Insurance Review, or to schedule an interview. Call 951-316-2728 or visit our website: http://www.ownershiprecords.com/pages/13/index.htm
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