Real Estate with Merri Ann Simonson
Homeowner’s Hazard Insurance
One thing to seriously consider in these times of escalating values for our homes on the island is the adequacy of your homeowner insurance. Our homes have increased in value over the last few years and the cost to replace has increased dramatically, therefore, your coverage may not be adequate.
In the case of your Homeowner’s Hazard Insurance, it will cover replacement costs at the amount as defined in your policy. It may also cover contents, liability and rental loss, each policy will vary. These amounts may have been set many years ago.
Your home is one of your largest investments and you should make sure it is protected. Most lenders require that your insurance coverage is 100% of the estimated replacement costs value to repair or replace your home with like materials. You want to ensure that the coverage is adequate to properly rebuild your home if it is damaged or destroyed.
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