Do you have sufficient homeowner’s insurance coverage?
Recent studies reveal that many homeowners lack sufficient coverage to rebuild their homes in the event of a total loss. When it comes to your home and family, don’t rely on “one-size-fits-all” insurance policies. Talk to us at RDS Financial Services, and we will advise you, and help you make an informed decision about your insurance needs.
Make sure you evaluate your coverage and costs:
- Guaranteed Replacement Cost - While the market value of your home may be down, the cost to rebuild your home may have actually increased. Make sure your policy covers the cost to rebuild your home with similar quality materials and craftsmanship. If your current policy provides replacement coverage of only 20-25% above the coverage limit, it may not suffice.
- Extended replacement coverage pays the full cost of restoring your home to its original quality, even if that value exceeds the coverage amount on your homeowner’s policy.
- Personal belongings are often covered for 50-70% of the amount of insurance you have on the structure of your home. RDS Financial Services can show you how to conduct a home inventory to determine if you have sufficient coverage. Be sure to ask about optional off-premises coverage which protects your belongings anywhere in the world.
- Coverage for jewelry, furs and silverware can be expanded to insure the item for its appraised value. Coverage typically includes loss as well as theft of the item.
- One lawsuit can wipe out all of the assets that you’ve worked so hard to build. Standard homeowner’s policies can limit liability coverage to $100,000. The cumulative value of your home, vehicles, savings and investments, make you vulnerable to liability beyond the limits of your home or auto insurance.