Hello Francesca - Here Are Your Articles for Wednesday, June 18, 2014
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Francesca Volpe
Francesca Volpe
REALTOR
(203) 725-4923
francesca.volpe@coldwellbanker.com
Coldwell Banker Coast & Country
1300 Boston Post Road
Guilford, CT 06437
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4 Quick Ways To Make Sure You Have Enough Homeowners Insurance

 

Wildfires in the West and the start of Atlantic hurricane season are compelling reminders that you might not have enough homeowners insurance or you have too much and you’re paying for insurance you won’t use.

“Don’t blindly trust that your insurance company has you fully covered,” warns United Policyholders, a consumer advocacy group. “An insurance salesperson’s main objective is to sign you up as a paying customer. In most cases, they will gather basic info from you, run it through a computer program, calculate your policy limits and give you a fast price quote.”

Your goal: Buy the right amount of “Coverage A” so you can afford to rebuild after a loss.

Here are four ways to figure out how much “Coverage A” you need:

1. The Software Method

It takes about 30 minutes to buy and use a do-it-yourself online replacement cost estimator. E2 Value “Pronto” ($25), Accucoverage ($8) and HMFacts ($7) are three products you can use.

2. Get a professional insurance appraisal.

Hire a building contractor or a professional home replacement cost estimator to estimate your rebuilding cost. Ask your insurance agent if your insurance company offers this service. If not expect to pay a few hundred dollars.

3. Let your insurance agent do it based on full information about your home.

Tell a knowledgeable agent about your home’s details and features and be sure to tell him about any valuable possessions or collections. Confirm in writing that your replacement coverage is adequate.

Buy the largest extended replacement cost endorsement you can afford, this extra coverage pays more than 100 percent of the cost to rebuild.

4. The Rough Math Method

Divide your home’s dwelling insurance limit by your home’s square footage. That’s how much per-square-foot money you’ll get from your insurance company.

Now, contact a contractor to find out the per-square-foot cost of rebuilding a home like yours.

Multiply your home’s square footage by the local cost per-square-foot to rebuild locally. How does that compare to your Coverage A limit?

For further details, a conversation with a qualified insurance professional is the way to go.


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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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