Does your homeowner policy have sufficient coverage limits to help you recover fully after a loss and avoid incurring serious financial burdens? It’s a question many people don’t ask, and if they have a claim, it can leave them with unexpected expenses.
As you and your family bring out the Halloween decorations and prepare for parties and trick-or-treaters, take time to evaluate the liability exposures associated with having guests on your property.
Reconstruction cost – or replacement cost – is the cost of hiring a contractor to replace your home as it is, using materials and design of the same or similar quality. This amount is not the same as market value, which is the value of comparable homes that have sold in your area. Your home’s current reconstruction cost could be very different from its market value.
Block parties, wedding receptions, graduation celebrations, family reunions: These are just some of the events that are fun to take outdoors. But when you’re the host, your concerns need to extend beyond hoping for cooperative weather and stocking snacks.
As the calendar turns to spring, it’s time to assess how your property weathered the winter. This is a good time to make a “to-do” list to prevent property maintenance and liability issues.
Remodeling and renovation projects can add significantly to the value of your home. Whether you do it yourself or hire a contractor, remember to update your homeowner insurance as you increase your home’s value.