Have you considered what would happen if you were to lose part or all of your home? Chances are, any repairs or rebuilds on your house will cost more than they originally cost. If you have an insurance policy written for specific amounts, you might be surprised to find that those monies are no longer enough to fully restore or replace your home.
For example, if you purchased a homeowners policy that promises to cover costs up to $200,000, but it actually cost $250,000 to rebuild, you’re out $50,000.
It is frequently the little, easy-to-overlook prices that drive up the price of a rebuild. New building permits, engineer and architect fees, new code compliance costs, and the repair of pre-existing foundation problems will all add to the bottom line. Even temporary repairs like boarding up your home or putting a tarp on the roof cost money. If your home requires any level of demolition prior to rebuild, those costs must be built in. In short, you may not be as well covered as previously believed.
At Mike Leonard Insurance Agency we offer full replacement value insurance, meaning that your policy will cover whatever it takes to rebuild your home. Imagine the security of knowing that your home is fully covered when you need it most.