Are you insuring your home for the right amount?
June 21, 2024

Are you insuring your home for the right amount?

Dwelling coverage will pay to repair or rebuild your home if it’s damaged by a covered loss in your policy. Home insurance companies can provide the customer with an estimate of what it would cost to rebuild your home. This tool will help advise the Customer on how much their home should be insured for.

You always want to choose replacement coverage on your home insurance so you have adequate coverage in the event of a total loss. Most companies offer “extended dwelling coverage” will provide additional coverage to rebuild your home if the Dwelling amount is not enough. Sometimes its an additional 10%, 50% and sometimes up to 100%, depending on what company you are insured with. This is usually very cheap and provides a lot of peace knowing if you did have a total loss, you would have the right amount of coverage to rebuild your home. Other Structures and Personal Property are covered separately on your Home Insurance, so you do not have to include those values in the Dwelling coverage.

It’s always good to review your Dwelling coverage and make sure you are insured for the right amount. You can always find that info on your Declarations page or call your Local Agent and review with them.

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