| Preparing for the Worst, Without the Worry |
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Better to Be Safe, Than Sorry  Turn on your television any time of day and you will hear about disasters. From a large storm or fire with widespread damage to a burst pipe with local consequences, these situations are happening around the clock. If you own a business or home, you need to make sure you have adequate coverage in place. Dasco Insurance Agency helps you take a pro-active approach to ensure you have the best coverage for the best price. |
Protect What You Have Built
Is your business property properly protected? Ask yourself, "Can I put my business back where it was before this disaster?" Business property insurance coverage limits should be sufficient to rebuild the structure and replace fixtures at current replacement prices.
Insurance companies have incentives and penalties built into most policies to encourage business owners to insure their property for the correct value.
To have real protection, you need to consider the following when determining the correct replacement cost for your building or home:
- Cost of materials - Even though the economy has severely impacted the construction sector, the costs of timber, steel, copper, and brick continue to rise.
- Cost of labor - Construction costs can also vary based on the cost of labor in your area.
- Market value - In almost all cases, the actual market value of your home or building has nothing to do with determining the replacement costs. The insurance policy is promising to repair or replace the structure, not purchase it from you. Real estate value fluctuations should have no effect.
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Dust Off Your Homeowner's Policy
If your home is damaged or destroyed by fire, lightning, or windstorm, do you have enough insurance to rebuild your home?
Buying just enough insurance to meet your mortgage lender's requirements could mean that you are inadequately covered should you need to rebuild your home at current prices. To have real protection, you need to consider the following coverage options:
- Replacement Cost Policy - A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind and quality.
- Extended Replacement Cost Policy - This extends your coverage above your stated policy limits. This additional insurance can be extremely important if your home is one of many damaged in a disaster, because a widespread disaster can result in increased costs for building materials and labor.
- Inflation Guard - This coverage automatically adjusts the policy limits for rebuilding costs as construction costs rise.
- Ordinance or Law Coverage - Local and national building and ordinance codes change all the time. Standard insurance policies generally limit coverage for these building code changes. Coverage should be increased or decreased according to your individual needs.
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