As your home increases in value, are you sufficiently insured?

I think everyone will agree that inflation has not discriminated. Everything you can think of has gone up in price. However, no one is thinking about their homeowner policy limits. Let me explain.

Suppose you bought a home for $300,000 10 years ago. It may now be worth $600,000. Something horrible happens and you have a fire. Your limits may now be lower than are needed to put your home back together. Ten years ago it may have been $240,000 to put the home back together. Now, that same figure could be $350,000, but you are only covered for $240,000, so where does the extra money come from? Some have had to mortgage or second mortgage their home, others have pulled from an investment account. Don’t get caught not having enough insurance. Schedule an appointment to go over your policy today.

I have had two customers in the last 90 days that had a fire in their home. Both had to come out of pocket to cover the rebuilding of their home. 

My company does not do the build back; however, we are involved in the demolition and the clean up of fire scenes, so we see this firsthand. You may have enough coverage, but it will not hurt to call your insurance agent and double check.

Wayne Terry is the owner of PuroClean Emergency Services in Jacksonville. They handle buildings that have had floods, mold, fire or biohazard (crime scene) situations. For more information about his restoration company, go to www.PuroCleanES.com or call 904-573-3566. This company is available for emergencies or questions 24 hours a day.