Call Us 252-368-4017 ☰ ˟
Logo
Call Us 252-368-4017
  • Home
  • Products
    • Personal Lines
    • Commercial Lines
  • Get A Quote
    • Auto Insurance Quote
    • Business & Commercial Insurance Quote
    • Flood Insurance Quote
    • Homeowners Insurance Quote
    • Life Insurance Quote
    • Motorcycle Insurance Quote
    • Recreational Vehicle Insurance Quote
    • Renters Insurance Quote
    • Watercraft & Boat Insurance Quote
  • Customer Service
  • Payments
  • Claims
  • Resources
    • Secure Upload
    • Refer A Friend
    • Blog
    • Important Links
    • Document Library
    • Career Opportunities
  • About Us
    • Contact Us
    • About Us
    • Location Map
    • Employee Directory
    • Privacy Policy
Home > Blog > Do You Have Enough Coverage to Rebuild Your Home?
FRIDAY, JULY 15, 2016

Do You Have Enough Coverage to Rebuild Your Home?



Imagine how devastating it would be to lose your home in a fire. Now imagine not being able to rebuild it completely because you didn’t have the correct amount of insurance.

Selecting the proper amount of coverage is the single most important decision you can make with your Homeowners policy. Without it, you may not have enough coverage to rebuild after a total loss. This is called “insurance to value.” Below are some explanations and tips to help you make the right choices for your needs — and remember, if you need help, we’re just a phone call away!

What is insurance to value?

Insurance to value is the relationship between the amount of coverage selected (typically listed as “Coverage A” or “Dwelling Coverage” on your policy declarations page) and the amount required to rebuild your home.  Insuring your home for anything less than 100% insurance to value could mean you wouldn’t have enough coverage to replace your home in the event of a total loss

Why is the cost to rebuild different from the market value?

A home’s market value reflects current economic conditions, taxes, school districts, the value of the land and location, and other factors unrelated to construction cost.  The cost to rebuild your home is based only on the cost of materials and labor in your area.  It is important that you insure your home based on its reconstruction cost, NOT its current market value

Why is reconstruction more expensive than new construction?

New-home builders typically build many homes at once, and solicit bids from various sub-contractors to receive the best pricing. Their business model is based on economies of scale. For example, they may purchase 20 bathtubs at once, securing a lower unit cost. These economies of scale don’t exist when building a single home.

How can I make sure I have the correct amount of insurance?

Work with your agent at West Town Insurance Agency to provide detailed information at time of purchase to be sure that you receive a thorough and accurate quote.

Ask us about additional coverage options that may be available.

Review your insurance to value calculation on a regular basis with your agent.

Tell your agent about any changes or improvements that you make to your home.

Agents at West Town Insurance Agency can help you determine your coverage needs. Contact us today at 252-368-4017 to make sure you are properly covered.


Posted 12:38 PM

Tags: insurance to value, coverage a amount, dwelling coverage amount, west town insurance agency
Share |


NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2019
  • 2018
  • 2017
  • 2016

  • west town insurance agency(8)
  • umbrella insurance(2)
  • renters insurance(2)
  • liability insurance(2)
  • personal umbrella insurance(2)
  • flood insurance(2)
  • home insurance(2)
  • north carolina renters insurance(1)
  • trusted choice agency(1)
  • insurance for property in storage(1)
  • renters insurance for college(1)
  • home insurance claim(1)
  • coverage a amount(1)
  • handyman insurance(1)
  • nc flood insurance(1)
  • additional living expenses(1)
  • commercial auto insurance(1)
  • north carolina hurricane preparedness(1)
  • winter storm tips(1)
  • 4th of july fireworks(1)
  • insurance coverage for home business(1)
  • condominium insurance(1)
  • flood safety(1)
  • safety tips(1)
  • rv insurance(1)
  • personal umbrella policy(1)
  • recreational vehicle insurance(1)
  • insurance for belongings in self storage(1)
  • auto insurance(1)
  • is my property in storage insured(1)
  • personal liability insurance(1)
  • commercial property insurance(1)
  • independent agent in nc(1)
  • home insurance in nc(1)
  • rv travel tips(1)
  • commercial vehicle insurance(1)
  • boat insurance(1)
  • independent insurance agent nc(1)
  • commercial insurance(1)
  • home insurance claims in nc(1)
  • condo insurance(1)
  • home business(1)
  • school sports safety(1)
  • tornado tips(1)
  • insurance for home business(1)
  • winter fire prevention tips(1)
  • umbrella policy(1)
  • homeowners insurance(1)
  • boating safety tips(1)
  • homeowners insurance claim(1)

View Mobile Version
Carrier
Home| Get A Quote| Customer Service| Blog| About Us| Contact
216 S. Broad Street, Suite 301 | Edenton, NC 27932
P: 252-368-4017 | F: 252-368-4871
Social Social Social
Logo

Powered by Insurance Website Builder