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My Blog

A Homeowners Quote in the Mail

A Quote in the Mail
Many of us (I did!) have received homeowners quotes in the mail that look "to good to be true".
 
If that quote is based on the Market Value or Purchase Price of your home, the better expression would be "Buyer Beware".
 
Why do you need to purchase Replacement Cost or Reconstruction Cost on your dwelling?
 
Let's take a look and see.
 
Rebuilding Is Different Than Buying
The cost to buy a home is different than the cost to rebuild. So you can’t rely on your home’s market value to set your insurance limits. An appropriate amount of insurance coverage will permit you to rebuild your home in the event of a loss. That replacement value depends on the physical characteristics of your home, as well as the price of labor and materials in your area.
 
It also includes the cost to remove the damage property or the repair the damaged portion to it's original state when you have a partial loss. Demolition, debris removal, code compliance and other fees also add to reconstruction expense.
 
Time is also a factor in reconstruction as you would like to get back into your home as soon as possible.
 
This is substantially higher than new construction, and since market values change with the economy, the are you live in, school choices and many other factors, this amount will not be accurate.
I'm just concerned with paying off my mortgage.
A policy based on your mortgage only works for a total loss, and sometimes not even then.
 
You see if you policy is a "market value", and "actual cash value" or a "repair cost policy", a partial loss will be depreciated and only a portion will be paid.
 
My policy Reads Replacement Cost
There is a co-insurance clause in your policy, generally 80%. This means that you (the insured) have agreed that the amount your insuring for is at least, 80%, of the cost to rebuild.
 
If this is not true at the time of a claim, a co-insurance penalty is applied to the loss. This penalty acts like a deductible in the fact that YOU are responsible for that portion.
 
So there are many things to consider when you and your agent determine the amount of insurance you need for your home. For many of us, this is our largest investment, and our family home, we want to protect it properly.
 
Make sure your conversations with your agent are informative,
and don't fall for the "quote in the mail" .

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