Insurance During A Recession

A recession can be a tough time for homeowners. Even when home values go down, the cost to rebuild a home often increases. That's why it's important for homeowners to understand their insurance coverage and make sure they have enough. This article will talk about what you need to know to keep your home adequately insured during a recession. Understanding Insurance Coverage: First, it's important to understand that the amount of insurance you need isn't based on your home's market value, but its reconstruction cost. The reconstruction cost is what it would cost to rebuild your home from the ground up if it was completely destroyed, using similar materials and following current building codes. Why Reconstruction Costs Can Go Up: Even during a recession, reconstruction costs [...]

Insurance During A Recession2023-06-15T14:55:25-07:00

Underinsurance Epidemic

Did you know that over 60% of homeowners don't have enough insurance for their homes? This is according to a study by Nationwide Insurance (in the top 10 personal insurance companies in the US). This can lead to a lot of problems if something bad happens, like a fire or natural disaster. This article will talk about the problem of not having enough insurance, what it means for homeowners, and how to fix it. The Underinsurance Problem: Insurance can be hard to understand. Sometimes, homeowners might not know how much coverage they really need. They might not know how much their property is worth, forget to update their policies, or not understand what their policy covers. This can leave them unprotected. What Happens When You're Underinsured: [...]

Underinsurance Epidemic2023-06-15T15:02:37-07:00