Here are some steps to make sure you are covered the right way: 1: Estimate your rebuilding costs You'll want Home insurance that covers the cost of rebuilding your home if it does get destroyed. A couple things to consider when selecting coverage: Does your home have lots of upgrades? If so, it may cost more to rebuild if those upgrades were made with materials or specialized labor. Consider a Homeowners policy which offers up to 125% or up to 150% extended replacement cost, to cover above dwelling limit. Do you have an older home? You may need to rebuild according to today's building code standards, adding to the cost. Policies from some competitors may only cover reconstruction cost, but a Farmers Homeowners policy includes an additional 10% above the reconstruction cost to cover additional expenses due to building ordinance changes. Tips for estimating rebuilding costs: •Check the value of your Home insurance policy against rising local building costs. Review your coverage with a local agent to ensure adequate protection is in place. •Check the latest building codes in your community. If your home is severely damaged, you might have to rebuild it to comply with the new standards requiring a change in design or building materials. •Do not insure your home for the market value. The cost of rebuilding your house is likely to be higher than the price you paid for it or the price you could sell it for today. •Some banks require you to buy homeowners insurance to cover the amount of your mortgage. Make sure it's also enough to cover the cost of rebuilding. •Increase the limit of your policy if you make improvements or additions to your house. 2: Take an inventory of personal property If your things are stolen, damaged or ruined, you'll want adequate Homeowners insurance that provides coverage to replace them. Estimate the value of your personal property by taking a home inventory. Many people make the mistake of underestimating the value of their home contents. This mistake is easily made when you consider the amount of new items we purchase each year. Under-insurance can lead to heartache and inconvenience should the unexpected happen. Your local insurance agent is available to assist you with insuring your home contents. 3: Coverage for you and your family What if someone slips and falls on your property or if your dog bites someone? Today, when multimillion-dollar lawsuits are common, your homeowners policy may provide substantial liability limits, but it may not be enough. A Personal Liability Umbrella supplements your present policies and provides additional coverage in increments of $1 million. It's always best to work with a local agent to tailor a package for your specific needs and budget. I'm always available to schedule a friendly, free review of your current coverages. You can get more information at my website http://www.baldwininsuranceagency.com You can also call me anytime at 510-274-9766 or drop by my office in the Intero Real Estate Building at 3185 Castro Valley Blvd
