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At the beginning of the month, most people in Apex, NC calculate the money they need to pay the bills. While they’re thinking about money, they may consider what an asset the home they live in is. Hopefully, their homeowners insurance reflects that value. How much home insurance do they need to cover the loss of that investment in a catastrophe?

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How Good is your Homeowners Insurance?

Some homeowners don’t realize that the home insurance they have doesn’t cover a big percentage of personal possessions or provide much for the cost of moving out while the house is being repaired. There is also the liability to others. Indeed, even the insurance to cover structural damage may be low. People watch catastrophes in communities on the news and say, that will never happen to me. If you considered your insurance coverage, you may pray it never does.

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The truth is that many homeowners’ insurance policies are woefully inadequate to cover damages if a catastrophe ever strikes. Statistics indicate with real numbers the risk in not updating your home insurance in Apex, NC, broken down by the risk areas.

Calculating Your Insurance Needs

The latest data shows that homeowners need to cover the cost of replacing their home at the current construction costs in North Carolina, not including the price of the lot. The amount they are insured for becomes the basis the other insurance levels too, because possession insurance and liability are based on a percentage of the structural value. The price you paid for the home or what it cost to build it back in the day you bought it are irrelevant. The cost could be greater or lesser depending on when the house was sold. Today’s market value is a much better indicator of how much insurance you need.

Smarter Insurance Coverage

A big percentage of homeowners’ insurance sales have come from ordinary people increasing homeowner insurance amounts in order to have smarter insurance coverage. That happens when people look around their home and understand the loss they would suffer in a catastrophe with their current Insurance coverage. The amount they would get from the insurance company is not always hitting the mark. It may fall short of the amount of insurance that buyers need.

Another market that is growing is the first-time home-buyer looking for home insurance and people switching from other companies because the claims or coverage are not that great. To get ample home insurance on your property is about making the right estimates of value before shopping around. Today, customers are offered a combination of property and liability coverages in home insurance. Assess what you need beforehand.

Upgrades to your Home

Homeowners should not have to wonder whether their homeowners policy includes all the upgrades in fire retardant materials, smoke alarms, a sprinkler system or the addition of high wind windows. In Apex, NC, Your insurance representatives should show you lowered your premiums when you did improvements that safeguard the home. Contact Southeastern Insurance today.

The Simple calculation

A simple calculation of the the amount you stand to lose in the event of a calamity can be reached by calculating the square foot of home times the construction cost per square foot. That will give you the replacement cost of the home. Calculate what your possessions would cost to replace, add a liability number, and you have reached the kind of coverage you need.

How does that compare to the coverage you have now? Many homeowners in Apex, NC should do this simple exercise to determine the amount of homeowner insurance they need to add in order to survive a calamity. There may be no reason to keep your present homeowners insurance policy. Contact Southeastern Insurance.