How Much Dwelling Coverage Do You Need?

1
How Much Dwelling Coverage Do You Need?
2

• When thinking about home-owners insurance, its
  important to consider dwelling coverage and to
  ensure that you have an adequate amount for your
  home. Read on to know more about dwelling
  coverage, from how much you should have to
  calculating the replacement cost of your
  property
• What is dwelling coverage?
• If your home should become destroyed for any
  reason, or become uninhabitable due to damage,
  then dwelling coverage should help you cover the
  costs of rebuilding it. This coverage is mainly
  concerned with the structure of your home, the
  materials it was built with and anything that
  might be attached to it, such as a garage or
  porch.

3

• How much dwelling coverage do you need?
• You would of course need enough coverage to equal
  the cost of replacing your home, but it can be
  tricky to calculate this. Here are 3 steps that
  should get you close to an accurate estimate
• 1.Multiply the square footage of your home by the
  local construction costs
• These costs can be found on the websites of most
  construction companies, or you can ask your local
  insurance agent to help you out.

4

• 2.Use an online calculator to get a second
  estimate
• Free online calculators are available to help
  you, that use the square footage of your home,
  building materials and total number of rooms to
  give you a fairly accurate replacement cost.
• 3.Get an estimate from a professional
• Independent insurance agents local to the area
  will be able to help you calculate a highly
  accurate estimate of the replacement cost of your
  home.

5

• What factors might affect the replacement cost?
• There are several factors that might affect the
  replacement cost of your home, and as these can
  change, its best to reassess the cost every
  couple of years
• Building codes
• New safety features may have been added to
  certain building codes since your original home
  was built, and these will need to be checked by a
  professional insurance agent.

6

• Re-modelled kitchens
• Its important that you adjust your home-owners
  insurance policy to match any increases in the
  value of your home that may have occurred due to
  renovations such as a re-modelled kitchen.
• Extra rooms and/or structures
• If youve added any new rooms or structures to
  your property, then your insurance should reflect
  the new value of your home.

7

• Cost of building materials and construction costs
• Building materials, workers wages and
  construction costs can increase at any time, so
  its best to try and stay abreast of such rising
  prices.
• Unique features
• If your home has any features inside or outside
  that would be hard to replace or replicate, then
  it may cost you extra to have them replaced.
• To get the full lowdown on home-owners insurance
  and to be sure that you have the coverage you
  need, schedule an appointment with a local
  insurance company who can talk you through your
  options in person.

8

• We Insure Miami was founded on the principle that
  every individual and business, big and small, has
  assets and valuables that need to be protected
  and insured against forces outside of our
  control. We offer Auto, business and homeowners
  insurance in miami. Our agents understand that
  you work hard every day to protect your car,
  home, business and family. WE are passionate
  about Insurance and passionate about serving you.
  If you are looking for home or business or auto
  insurance in miami fl, contact us for a quote or
  a complimentary review of your insurance policies.