Insurance Company in Palmetto Bay Talks About Why a Basic Homeowner’s Policy Might Not Be Enough

by | Nov 20, 2023 | Insurance

According to an insurance company in Palmetto Bay, a simple homeowner’s insurance policy isn’t always enough. As your job gets better and your income rises, it’s important to make sure that your insurance coverage stays up to date. This keeps you from having expensive coverage holes and paying too much out of pocket if you need to make a claim. You need homeowner’s insurance that grows with you to be fully protected.

Extended Dwelling Coverage

The full cost of home rebuilding is often higher than its market value. This means that your present homeowner’s insurance with a company such as Del Toro Insurance may not accurately reflect how much it will really cost to rebuild your home. If the cost of building or getting permits goes up and is more than your current policy limits, extended housing coverage can help you rebuild. It could also cover the cost of removing debris, hiring a contractor, paying for building permits and fees, paying an engineer, and other costs.

Personal Property Replacement Cost

An insurance company in Palmetto Bay shares that this helps pay for replacing things such as computers, phones, jewelry, and furniture that have lost value without considering depreciation. That way, you’ll get the money you need to buy an exact or similar item instead of a less valuable one.

Building Ordinance Coverage

If you must rebuild or fix your home because of a covered loss, you must follow the latest building rules. And because building rules change, it might cost more to rebuild than planned. In these kinds of situations, there is something called “building ordinance policy,” or law coverage, that could save you a lot of money.

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