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HouseIt is believed that approximately sixty percent of US residences are underinsured by an average of twenty-two percent.  Your house is most likely your biggest single investment, so protecting it sufficiently is a necessary piece of preserving your financial freedom. 

You should have homeowners insurance coverage that is enough to restore your home to its previous state in the occurrence it is completely totaled by a fire, tornado, hurricane or other insured disaster.  The amount of insurance should compensate the cost of reconstructing your house at present building costs, not counting the price of the land. The cost of reconstructing could be around the original purchase price or what you could sell it for today.

There are other factors to take into consideration when deciding the amount to insure your house for, such as:

  •  The cost of removing debris from the property prior to rebuilding
  •  To pay for an architect or other design professional to assess expenses and create plans to be followed by the builder
  •  An increase in the price of construction materials and labor after a major disaster that involves many homes in the same region
  •  Local building codes that require replacement  with extra features or more pricey materials

 There are various approaches used to assess the replacement cost of a residence.  Some of the factors         insurance companies use are:

  •  Building materials
  •  Type of foundation
  •  Attached or detached garages
  •  Square footage
  •  Location of the home
  •  Fireplace
  •  Upgrades
  •  Number of rooms and baths

 In the end it is your responsibility to establish the value of your home and select the amount of insurance for your policy.  We can assist with that choice and explain what you can do to avoid an unpleasant surprise after a loss.

 Get all the assistance you need with your Weatherford Home Insurance policy at Magill Insurance Agency today!

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