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Insurance Question Homeowners, Do You Really Have It Covered? Homeowners may not have enough insurance to cover the full replacement cost of their residence if they have not updated their policies to compensate for higher construction costs and renovations. By one estimate, 64 percent of homes were underinsured by about 27 percent last year due to a 5- to 6-percent increase in building costs. Though many insurers offer clauses that automatically increase coverage based on inflation, employ more accurate value estimates, or use the cost of reconstruction rather than new construction in their estimates, homeowners still should review their policies frequently. They would be wise to pay a little more for replacement-guarantee coverage and forego cash-value policies to ensure that their homes are rebuilt regardless of their coverage. Owners of older dwellings also should obtain additional coverage to handle the costs that accompany stricter building codes. Custom dwellings with unique architectural details and features also warrant additional coverage. In general, homeowners can quickly estimate how much insurance they need by multiplying their property's total square footage by local building costs per square foot. They can obtain this data from a local real estate agent and plug it into the formula. Get More Home Tips Here>
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