Insurance companies assess risks in different ways so it is important to know yours ahead of time and utilize your coverage appropriately. BBB has rated All Risk Insurance as an A+ company for our personal attention to our clients. We specialize in all personal, commercial, auto and marine insurance products which has made us the success that we are today.
The estimated replacement cost is the amount of money that is needed to rebuild your home. This amount is different than the market value of the home. Market value is the value assessed to your home in the current market place (generally used for the selling of your home). Market value has nothing toa do with insurability. In other words, the land value, which adds to the market value, has nothing to do with insurance value. Discuss this with your insurance agent and go over all of the amenities that are in your home. (appliances, furnishings, kitchen, bathrooms, flooring, etc). This will enable your insurance agent to get an accurate idea of what your home contains. At that time, the agent will put this information into a Replacement Cost Estimator that is provided by each of the carriers to accurately determine what the replacement cost of the home will be.
Deductibles
Every policy has separate deductibles for windstorm/hail and any other perils (AOP) The amount of the deductible that you choose will affect the premium. The lower the deductible, the higher the premium. However, the higher the deductible, the more out of pocket expense you will incur in the event of a loss. In either case, these options should be discussed with your insurance agent and he or she can determine what is best suited for your needs.
Flood insurance is another coverage that an insured should consider. An elevation certificate is necessary to determine if you are in a flood zone. Flood is rising water and is NOT covered under a homeowner’s policy.
Age and Construction Of Your Home
The age and construction of your home are factors that are considered in determining the cost of your premium by the carriers. There is a year built surcharge incorporated into the premium based on the year of construction. Frame construction versus masonry are also factors that will affect your premium. Frame is a higher cost than masonry as there is a higher risk of damage due to fire than a home built of CBS block. There are additional coverages available in your policy called Ordinance and Law coverage. This coverage can give up to 50% more coverage to replace your home to the current building code. This is especially helpful for people with older homes, however, the cost is additional in premium. There are other factors that can lower your premium such as a new roof, opening protection and alarm monitoring. All of these options should be discussed with your insurance agent at the time of your consultation in order to accurately calculate the proper amount of coverage this is required for your policy.
All Risk Insurance Group is here to help you every step of the way when it comes to insuring your home and belongings. We offer a consultation to find the best fit at the best price for each of our clients.
