How do you know if your home has adequate insurance for replacement value? The cost of construction and materials is always increasing in most cases. The best way to know if your home has enough coverage is to consult with your agent at Peter Laczko Insurance Inc. in Woodstock, GA at least once per year to review and update coverage for your home.
There are five steps to take to make sure your home and its contents are adequately insured, which are:
- Use the square footage of the home including the garage and multiply this times the average current construction costs for a new home of the same type in the Woodstock GA area.
- Make adjustments to the basic calculation from step one to include the costs of any special features, such as marble countertops, elaborate fireplaces, and custom built-in cabinetry.
- Always save receipts for any renovation or remodeling work because those amounts can be used to make an updated current calculation.
- Make a written list of all the items contained in the home especially if there are things that are very valuable like artwork or special collections. Save all the original receipts for these items or use research on the Internet to find similar items. Take photos of everything and/or create a video that is a walk-through of the entire house.
- Total everything up and this gives a replacement value that needs to be insured.
Each year there should be an annual review with your agent at Peter Laczko Insurance Inc. to make adjustments for any changes that occurred during the past year and to use current construction prices. Be sure to inform your agent if you did any remodeling or additions to the home and bring in copies of all receipts that you collected over the past year. By following these best practices you will always have adequate coverage in case of a disaster and that gives you peace of mind, knowing that you are covered.
