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April, 2014

"Insuring Your Items for the Proper Value"

Trying to determine how much to insure your home and personal property can seem complicated. Many times we discuss the difference between "Market Value" and Replacement Cost with our clients and how it impacts their property coverage. This is even more difficult with unpredictable real estate prices sometimes being much more or less than the amount to replace the actual home or items lost.

Please remember two important facts. First, a home that has been lost to a fire or other disaster will cost 20-25% more to rebuild after the loss than it would when it was built new. Secondly, all insurance contracts require replacement cost values because the insurance policy promises to replace the structure you had before the loss with like materials and quality.

We have included several articles in this month's newsletter that will hopefully be informative and help you properly value your personal property. Please contact us if you would like to discuss your individual needs
Be sure to connect with us on Facebook and Twitter for great personal and business asset protection tips.
Joey Huckaby
Don't Wait Until After A Disaster To Think About A Home Inventory
When it comes to making the most out of one's homeowners, a key element is developing or updating a home inventory. To help make managing that process a little bit easier, the Insurance Information Institute reminds homeowners about their "Know Your Stuff" mobile application which is available for download.

Insuring Your Home For Real Estate Value - Can Leave You Dangerously Underinsured   
The cost to rebuild a home can greatly exceed its real estate value, and there is no correlation between real estate value and Homeowners Policy the amount of insurance needed. Market value is used to determine the selling price of the home, while rebuilding costs determine the amount of property insurance required for full protection and peace of mind. It is important for Floridians to know the difference to avoid having insufficient insurance coverage, according to the Insurance Information Institute (I.I.I.).

"Lowering your homeowners insurance to match your home's real estate market value may seem like a way to save money, but it really puts the policyholder at financial risk," said Lynne McChristian, Florida representative for the I.I.I. "Building costs fluctuate, as do the costs of raw materials used in construction, such as copper, lumber and concrete.

Thank you for allowing Huckaby and Associates to help you with your insurance needs.


Joey Huckaby

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