News 406 Make Sure Home Insured Rebuilding Costs Bonita Daily News

Is your home insured at the right price? It might not be. Even if your house was purchased or renovated recently, you may still be underinsured if you have to rebuild. Those with older homes are at an even greater risk of underinsuring their property. The cost of building supplies is rising as fast as insurance premiums and that means your current homeowners insurance policy may only cover half of what it would cost to rebuild after a catastrophe such as a fire or natural disaster. It may be hard to pinpoint a number, but talk to your agent and have an appraiser figure out what the right premium is to place yourself away from losing your home. Also consider shopping around for a new policy if your current home insurer is too expensive.

Read more: Appreciating home values leaving homeowners under-insured (Bonita Daily News) Like most homeowners, Greg Hallam's insurance policy is set to automatically adjust by a certain percent each year. When he recently renewed his policy for another 15 years, what he didn't realize was the automatic adjustment didn't even come close to providing him enough coverage.