Your home may be worth as much or more than your retirement account. As a result, it makes sense to track your home insurance as carefully as you do your 401k.
Getting Started with AB&D Ins
If you haven’t checked in recently, you might consider contacting Arnold, Bruce & Doerfler at 503-222-1951 or scotts@abdins.com to schedule an annual review of your home’s value and contents.
We want you to be relieved, knowing you’ve made informed decisions about the amount of home insurance needed to help you recover in the event of a loss. Check out the tips provided below, to make sure you are prepared for the worst case scenario.
Know Your Limits
With home improvement being a national pastime and construction costs rising, it’s a good idea to check your policy limits once a year with AB&D Ins. Planning to remodel your home? Just finished adding a new deck, fence or garage in your front yard? It is time to review your limits with Arnold, Bruce & Doerfler if you live in Oregon, Washington or California.
Rebuilding Is Different Than Buying
When you review your policy with AB&D Ins, remember that the cost to buy and the cost to rebuild are different. Consequently, you can’t rely on your home’s market value to set your insurance limits. An appropriate amount of insurance coverage will permit you to rebuild your home in the event of a total loss. That replacement value depends on the physical characteristics of your home, as well as the price of labor and materials in your area. In most areas, these costs increase with time.
AB&D Ins Can Ballpark Your Coverage Needs
Arnold, Bruce & Doerfler can estimate the typical cost of rebuilding your home based on the average costs of materials and labor in Oregon, Washington and California. However, this number won’t reflect major upgrades made to your home or the cost of replacing your home’s unique features, unless you specifically inform AB&D Ins or a customer care professional about major upgrades.
Be Proactive in Selecting Your Coverage Limits with Arnold, Bruce & Doerfler
If your home is truly unique or custom built, or if you’d simply like additional peace of mind, knowing that you’ve selected the right amount of insurance, consider asking an expert like AB&D Ins. For a modest fee, you can hire a building contractor to give you a more precise estimate of the cost of rebuilding your home.
Don’t Forget to Do a Home Inventory
Arnold, Bruce & Doerfler recommends doing a thorough inventory of your home’s contents. Compare the value of your belongings to the “contents,” or personal property limit listed in your policy, and make sure these match up.
Using a video camera is the easiest way to do inventory of your home. That way, you can record and describe items as you walk through your house. A regular camera and a home inventory checklist works well, too. Share the completed list with Arnold, Bruce & Doerfler to review and make sure your belongings are fully covered. Store your video or photo inventory off-site, so you won’t lose it if your house is damaged.
Contact Arnold, Bruce & Doerfler at 503-222-1951 or scotts@abdins.com for more information about lowering the cost of your homeowners insurance in Oregon, Washington and California.
AB&D Ins: Insurance Agents & Brokers since 1911. Call for a quote today at 503-222-1951.
Content provided by: Safeco Insurance