What is an Inflation Guard Endorsement?

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What is an In?ation Guard Endorsement?
One of the things that we ?nd insureds miss in
settling their insurance claim is the In?ation
Guard Endorsement. Many have this in their
policies but are not exactly sure what it means.
Basically, an in?ation guard endorsement insures
you for the increasing value of your property.
If the value of your property is increasing,
your policy must be periodically increased to
maintain proper coverage. Even though the amount
of coverage is adequate at the time of inception
of the policy, it may not be enough in the
future.
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To aid you in keeping coverage at an adequate
level, some companies oer an In?ation Guard
Endorsement. This endorsement allows your
insurer to automatically change your policy
limit during the policy period. Normally, the
higher premium is not paid until the time of
renewal. The insurance companies like this
because they get to increase their
earnings. Even if you have this endorsement in
your policy, you should check your coverage
limits periodically to make sure you are
adequately insured. As Public Adjusters, Brown
OHaver wants you to insure your property
adequately but not excessively. We recently
assisted an insured get his claim settled and
his insurance was twice the value of his
property. Insuring your property too much is
like putting more stamps on an envelope than
your need. In some states, such as Montana, such
a total loss will trigger payment for the policy
limit. Many others, such as Oklahoma or Arizona,
do not. Your loss in these states and others are
computed and paid at the amount of the
loss. Not all companies oer this endorsement so
review your policy or check with your agent. If
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you have issues, we would like to assist you.
Considering the fact that congress is spending
money like a drunken sailor, in?ation is
inevitable. Get ready for this in?ation and gird
up your loins. Brown OHaver Public Adjusters
recommends that you obtain an In?ation Guard
Endorsement if you dont have one.