If you own a home, you probably want insurance that adequately protects it from common risks. Work with your agent at Brown-Hurst Insurance Agency Inc. for all your home insurance needs. We serve clients in Iowa with three locations: Eldora, Union, and Marshalltown.
Here are a few things to consider that may leave your home underinsured. Discuss any concerns with your agent.
Rising Construction Labor and Material Costs
The goal of your coverage is to have enough protection to rebuild your home after a loss. If you haven’t updated your policy limits in a while, you may find you don’t carry enough insurance.
It may be worth getting a new appraisal and adjusting your home insurance limits accordingly. If you do get an appraisal, look for one that focuses specifically on replacement cost rather than market value.
Inflation
Your insurance needs to account for inflation, as the purchasing power of the U.S. dollar continues to decline over time. An annual inflation adjustment can help ensure your coverage keeps pace.
Home Additions and Renovations
If you’ve added onto your home or made major renovations, you’ll likely need to adjust your coverage to reflect those changes.
You’ll also want coverage for any outbuildings on the property, such as a shed or greenhouse, as well as features like landscaping, gardens, walking paths, driveways, fencing, walls, and swimming pools.
Natural Disasters
A regional natural disaster, such as a tornado, wildfire, flood, or severe storm, can drive up rebuilding costs due to labor and material shortages combined with high demand for construction work in the affected area.
Get an Insurance Review
Reach out to us at Brown-Hurst Insurance Agency Inc., serving clients throughout Iowa, for all your home insurance needs.
