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Home Insurance Most homeowners understand the importance of having homeowners insurance, should you suffer from a catastrophic weather event, fire, or even burglary. But, many homeowners just get the bare minimum coverage to cut costs, sometimes not even having a full understanding of what's covered and what's not. This could be a financially devastating mistake.

According to Consumer Watchdog executive director Douglas Heller, many people don't understand what their coverage terms mean. For example, there are two types of property coverage, in general. One is actual cost value, which costs less but provides a lower coverage ceiling, and replacement cost, which provides "like kind and like quality.".

What most homeowners don't realize is that depending on their coverage, they may be really restricted on what they get back. Imagine you lose your home due to a fire. Even though your home value might have dropped 30-40 percent, the cost of rebuilding your home might have gone up 40%, leaving you in debt even after getting insurance reimbursement.

So how can you tell if your home in underinsured? Speak with your Fleming & Riles insurance agent today! According to the Insurance Information Institute, there are four main factors that will help you determine the coverage you need, so ask your agent about these elements:.
  • The cost to rebuild your structure.
  • The cost to replace your home's contents.
  • Additional living expenses if you must relocate during repairs.
  • Your liability to others who may have been hurt on your property.
Please contact Fleming & Riles Insurance at (800) 833-4379 today to learn more about our home insurance policies and other personal lines products we offer.
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