Are You Underinsured To Protect Your Home?
- Posted by Daniel Simcock
- On March 13, 2023
- Dispirito Radio Show, homeowners insurance, Insurance Tips, new home buyer
Main Ideas
- Many homeowners are not properly covered in case of a disaster due to inflation, rising costs of construction materials, and homeowners not reviewing their policies frequently enough.
- It is important for homeowners to regularly review their insurance policies, and to make sure that their coverage is adequate for the current costs of rebuilding a home. This can prevent financial hardship in the future.
When it comes to homeowners insurance, many people are not properly covered in case of a disaster. This can be due to inflation, rising costs of construction materials, and homeowners not reviewing their policies frequently enough.
In a recent survey conducted by Fox Business News, over half of homeowners (56%) stated that they had not reviewed their insurance policy in the last year. Of the remaining 44% who did check their policy, most were unsure if their coverage was enough to cover the cost of rebuilding their home in case of a disaster. Only 9% increased their coverage to account for inflation and rising costs in construction materials.
In a recent segment of “The Dispirito Radio Show,” John Lapointe, warns that this is a potential problem for many homeowners. While costs are rising, Lapointe emphasizes the importance of having proper coverage in case of a disaster. “The potential for losses is much greater than the cost of spending a little extra money on insurance,” he says.
However, there are a couple things that homeowners can do to help mitigate their risk. First, homeowners who have not reviewed their policies in the last year should contact their insurance agent and ask them to review their policy or possibly reshop it. It is important to make sure that the policy provides adequate coverage for the current costs of rebuilding a home. As well, homeowners should keep their options open when it comes to insurance coverage. While many insurance companies may focus on price, it is important to ensure that the coverage is adequate and will cover the cost of rebuilding a home in case of a disaster.
By staying on top of insurance policies and reviewing coverage regularly, homeowners can ensure that they are properly covered in case of a disaster. This can provide peace of mind and prevent financial hardship in the future.
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