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Upgrading your home? Upgrade your insurance!
If you are planning to remodel your home, the first person you should call is your insurance agent.A remodeling project can increase the value of a home, and you might need extra coverage. Your insurance agent will be able to determine how much more coverage you need, if any, and will tell you how much your premium will increase.
A recent national telephone poll of 1,324 home owners conducted by Insurance Agents of America revealed that 60 percent of home owners who recently completed major structural changes to their homes – including bathroom or kitchen remodels, room additions, new decks or patios – did not update their homeowner’s policy to reflect the increased value.
In addition, 75 percent of those who plan to remodel also said they had not considered what a home improvement could mean to their insurance coverage.
This article on Move.com warns:
Be sure you have guaranteed replacement value coverage; otherwise your insurance may only pay the depreciated value for damaged or destroyed items.
Replacement value, which is what it would cost today to rebuild or to replace a loss, is usually confused with market value, which includes the cost of land, is what a buyer will pay for your property, causing many homes to be underinsured.
Posted on: 2008/09/23 9:57:08am by: Cynthia
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