Here are some steps to make sure you are covered:
Estimate your rebuilding costs
You'll want Home insurance that covers the cost of rebuilding your
home if it does get destroyed. A couple things to consider when selecting coverage:
Does your home have lots of upgrades?
so, it may cost more to rebuild if those upgrades were made with materials or specialized labor. Consider a Homeowners policy
which offers up to 125% or up to 150% extended replacement cost, to cover above dwelling limit.
Do you have an older
You may need to rebuild according to today's building code standards, adding to the cost. Policies from some
competitors may only cover reconstruction cost, but a Farmers Homeowners policy includes an additional 10% above the reconstruction
cost to cover additional expenses due to building ordinance changes.
Tips for estimating rebuilding costs
the value of your Home insurance policy against rising local building costs. Review your coverage with a Farmers agent to
ensure adequate protection is in place.
- Check the latest building codes in your community. If your home is severely
damaged, you might have to rebuild it to comply with the new standards requiring a change in design or building materials.
not insure your home for the market value. The cost of rebuilding your house is likely to be higher than the price you paid
for it or the price you could sell it for today.
- Some banks require you to buy homeowners insurance to cover the amount
of your mortgage. Make sure it's also enough to cover the cost of rebuilding.
- Increase the limit of your policy
if you make improvements or additions to your house.
Take an inventory of personal property
your things are stolen, damaged or ruined, you'll want adequate Homeowners insurance that provides coverage to replace
them. Estimate the value of your personal property by taking a home inventory.
Many people make the mistake of underestimating the value of their home contents. This mistake is easily made when
you consider the amount of new items we purchase each year. Under-insurance can lead to heartache and inconvenience should
the unexpected happen. Your local Farmers agent is available to assist you with insuring your home contents.
Coverage for you and your family
if someone slips and falls on your property or if your dog bites someone?
Today, when multimillion-dollar lawsuits are
common, your homeowners policy may provide substantial liability limits, but it may not be enough. Farmers Personal Liability Umbrella supplements your present policies and provides additional coverage in increments of $1 million.