Calculating the Cost of Your Home
Protecting your home from loss seems as easy as signing on the dotted line of your insurance contract. However, as the experts at RHI Insurance will tell you, simply having an insurance policy isn’t enough. If you are under-insured, you run the risk of losing everything. If you aren’t sure about how much coverage you should have, here are a few tips to get you started.
Total Replacement Costs
It isn’t possible to give you a dollar amount of coverage needed. The bottom line is that your coverage should be equal to the replacement cost of your home. This amount would be the price tag on building an exact replica of what you own now.
Figure It Out
An estimate on your cost comes from the square footage of your home and the local construction costs. You can work out an estimate on the total replacement value one of three ways.
You can ask your independent insurance agent to give you an estimate.
You can use an online estimate calculator.
You can ask a third party insurance agent for an estimate and compare the results with your own findings.
No matter the replacement cost might end up being, the team at RHI Insurance will be able to give you a quote on a comprehensive policy. Talk to the professionals about the coverage you need.