Homeowners insurance. Shoestrings. Toilet paper. What do these things have in common? We buy them and promptly forget about them. Until we need them, that is; and that’s when we find out if they are adequate.
Unlike toilet paper, you should update homeowners insurance coverage on an annual basis and/or after significant home improvements. In most cases, your insurance provider should be glad to help you figure out what the replacement price tag for your home is.
My insurance company is State Farm and they’re very helpful. In fact, they just sent me a letter on this topic which prompted this post.
This is what you have to consider: replacement; not what the state or county says the property is worth when they send you that inflated estimate of home value for tax purposes. It’s also not the same as market value, which is what you realistically could sell it for.
If you hire a building contractor to remodel a kitchen, obviously the replacement cost of your home will go up. But what if you make no improvements throughout the year? Most folks assume that the status quo remains static but they would be wrong!
Why, you ask demurely? Because material and labor costs rise.
Improvements Affecting Insurance Payouts
Just a sampling of home improvements to consider -
- Installing hardwood or laminate flooring
- Upgrading to energy-efficient krypton or Argon filled windows with a Low-e coating
- Bathroom or kitchen remodel
- Remodeling your basement
- Siding replacement with Hardiplank fiber cement siding
- Replace your central air conditioner with one with a higher SEER rating
There are more, of course, but this gives you an idea. The more money you pour into the homestead, the more reason you have to update your insurance policy.
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Wednesday, 15. April 2009
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Friday, 1. May 2009
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Wednesday, 16. September 2009
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Friday, 23. October 2009
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Usually the best job done is the one you do because you know how you want it done and you
want it done nicely because you’ll be seeing it everyday - the contracter wont!
Thanks for this blog it had a lot of great information!
Sunday, 24. January 2010
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