A Personal Insurance Update If your home was damaged or destroyed by a covered loss under your Texas homeowners insurance policy, are you convinced that you would have enough coverage?  Your homeowners insurance policy, if it is written correctly, can repair and or replace your current home with “new” like kind and quality materials.  However, many people do not update their home’s value.  This is especially true in an economy where construction costs are increasing at a fast pace. Replacement Cost Considerations There are a number of factors that go into determining your home’s replacement value including:
  • Type of construction quality
  • Materials used in the construction
  • Size of your home
  • Location
  • Your lot configuration, (hillside or flat)
  • Are there any unique materials, like imported stone, marble, etc.?
  • The overall quality of construction—is your home average construction or high-end?
  • The average cost per square foot for new construction in your area.
These factors can be provided to your agent and then they can work with the insurer to help you determine a replacement value.  The insurer may even come out to inspect the home, depending on the home’s total value. Since your home is your most valuable asset, you need homeowners insurance. It gives you financial protection if something unexpected happens to your home, theft, fire, a natural disaster, or other loss. At J.S. Edwards & Sherlock, we offer a wide variety of homeowners insurance plans that are custom designed to suit your needs. The result is an individualized policy that gives you the peace of mind and protection you need.