Always Consider Replacement Cost
When it comes to property insurance, you need to make sure you have enough insurance to cover your full Replacement Cost.
Replacement cost is the cost of rebuilding your home in the event that it’s destroyed. It includes things such as the price and availability of skilled labour, debris removal, extra expense due to more demanding building codes, and more. Upgrades, renovations and other improvements can also make rebuilding a home more expensive than originally estimated, affecting the final replacement cost.
Resale or market value, on the other hand, is based on a number of factors that have no direct correlation to the cost of reconstructing your home. These include location, land value and the amount paid for surrounding homes.
It is also very important to remember that your possessions are affected in the loss of your property. Most policies cover contents up to a specific percentage of the total insured value of the property. If your dwelling is not properly insured, you may not have enough insurance to cover its contents in the event of serious damage.
To make certain you have enough insurance, here are a few tips we recommend:
PHOTOGRAPHS OR VIDEOS
Make sure you have copies of these files outside your home because if you lose your home and computer, these files will be lost as well.
ALWAYS CONSIDER TAXES
NOTIFY US WHEN YOU INCREASE THE VALUE OF YOUR HOME
KEEP INVENTORY OF YOUR STUFF ONLINE
If you have any questions about your home insurance, please contact any of our Cooke Insurance Advisors today.