Blog Tag: homeowners insurance
Life can change in an instant. Residents, business owners, ranchers and farmers across Nebraska, Iowa and surrounding states are currently coping with this reality. Historic flooding has devastated our region, sweeping away homes, buildings, roads and pastures. The destruction is unlike anything we’ve seen and it has directly affected our family, friends, clients and colleagues. As I write this, my own home is sitting in water up to its roofline – and there’s nothing I can do but watch and wait.
When determining a home’s value, homeowners tend to think about “market value” or what it might sell for. This number can fluctuate considerably and is primarily dependent on what buyers believe a home is worth. When insurance carriers determine a home’s value, they look at the numbers from a much different angle. Replacement cost coverage is based on the total cost of reconstruction. This number is usually steadier than a home’s market value, with a typical annual increase of 4% to 5%.
You know what they say about an ounce of prevention. When it comes to securing your home and personal property, you will never regret preparing for the unexpected. As winter quickly approaches, I’ve outlined some general liability and property tips to help keep you off thin ice.