With over 1,000 homes lost in the Marshall Fire our neighbors are dealing with the challenges of rebuilding after total home loss. They are also dealing with the complexities of navigating this process as one of many. This event has put insurance coverage front and center for all of us.
There are several things to consider when choosing homeowners coverage and things you can do to protect yourself in the event of a loss. Working with an insurance professional to understand the coverages available is critical to putting together a package of protection.
Here are some of the coverages that have had public discussion recently:
DWELLING COVERAGE: This is the amount your home is covered for in the event of a partial or total loss. This includes the structure, and anything permanently attached. The amount is determined by a replacement cost estimator that considers the size and finish of your home, as well as local material and labor costs. You can insure for the base dwelling coverage. You can also add an additional percentage above the base coverage or insure for full guaranteed replacement cost.
ADDITIONAL LIVING EXPENSE/LOSS OF USE COVERAGE: this is coverage available if you must be out of your home due to a covered claim. This covers additional living expenses incurred due to a loss.
Homeowner’s policies offer a myriad of coverages, in addition to the two outlined above, that should be discussed to design a policy that is the best fit for your personal situation. One action homeowners can take right now is to create a home inventory. This helps determine if you have the right amount of coverage for your personal property and is a record that is immediately available in the event of a loss.
I began The Johnson Agency in 2013 with the goal of operating as a trusted advisor for my clients so they can be sure their assets are protected, not just insured. I came out of a lengthy corporate IT career where I had the privilege of working for a wide variety of clients. The ability to make a switch to working with clients one-on-one at a this kind of a personal level attracted me to the insurance industry. With my experience and passion for people, I can confidently design the right insurance package to protect my clients and their families.
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