Is Your Home Underinsured?
posted by TrueNorth Risk Management on Thursday, June 9, 2022
Is Your Home Underinsured?
About two out of every three homes in America are underinsured*.
With the rising cost of building supplies and labor (up 33% since the start of the pandemic**), you could be underinsured by thousands of dollars, leaving you at risk of major financial loss should a disaster affect your home.
Your homeowner’s policy can offer financial protection in the event of an unexpected disaster. But how you will be reimbursed following a claim depends on the type of coverage you have. Don’t know what you currently have in place? Reach out to us today!
Ensure that your homeowner's policy limits correspond to the cost to rebuild.
Unlike a home’s resale value (which includes the cost of the land), the cost to rebuild is based on the amount needed to hire a contractor plus building materials and other additional costs.
You decide how much coverage to buy for your home, but TrueNorth recommends purchasing coverage at least equal to the estimated cost of rebuilding your home.
Reach out to us today to understand the various coverage available and which one is right for you.
*https://www.nationwide.com/lc/resources/home/articles/underinsurance#:~:text=About%20two%20out%20of%20every,disaster%20ever%20affect%20their%20home.
**https://www.nahb.org/blog/2022/04/building-materials-prices-start-2022-with-8-percent-increase
This publication has been prepared by TrueNorth Companies, L.C. and is intended for informational purposes only. Transmission of this publication is not intended to create, and receipt does not constitute, a client relationship with TrueNorth Companies, L.C. This publication does not constitute any type of representation or warranty, and does not constitute, and should not be relied upon as, legal advice. This publication is not a contract and does not amend, modify or change any insurance policy you may have with an insurance carrier. © 2022 TrueNorth Companies, L.C. All rights reserved.
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In addition to helpful weekly guidance on home and auto, TrueNorth provides a number of insurance options to protect your family from risk. For information on a home or auto quote, visit www.iTrueNorth.com or call us at (319) 739-1277. We'd like nothing more than to help safeguard the things that matter most to you.
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