Homeowners Insurance & Increase in Your Home’s Value
By Cyndi Bell
With increasing home values, have you checked your homeowner’s policy?
With increasing home values, have you checked your homeowner’s policy? When is the last time you looked at your homeowner’s insurance policy? If you’ve put that on autopilot and not checked it, now would be a good idea to do so. Building materials alone have risen 33% since the beginning of COVID. From lumber to concrete, all materials have shift. Lumber has increased over 90%. What does this mean for your homeowner’s insurance? Speaking with @GooseheadInsuranceMichaelAmes the increasing cost in labor and material will result in higher costs to repair your property should you experience an insured loss. He suggested to contact your insurance company or broker and request a new “Replacement Cost Estimator” to check if your current policy limits are sufficient. This will make sure you have sufficient insurance value for a major insurance loss. And with repair times taking longer due to labor shortage, check to make sure your ancillary coverages for alternate lodging will cover the extended period if you are displaced from your home.