Have you ever woken up and felt like you aged five years over night? Your property may have just done that. Since new building codes are being adopted all
the time, your property may cost more to rebuild now than it did just a few months ago.
With technological advances, building codes are changing at an alarmingly fast pace. A new report by Insurance Institute for Business & Home
Safety, reviewed the codes of 18 coastal states. The Insurance Institute printed an original report with grades from 2012 and updated grades for 2015.
Here is the report quick recap for our local states in the areas of code adoption and enforcement:
- Virginia has a 95%. They are the kid in class with an A.
- Maryland received a 78% or a C+, with special acknowledgement on being the only state to adopt residential fire sprinkler codes.
- Delaware came in with a 17%. Ouch.
What does this mean and how does it affect your insurance?
In a loss you will need to rebuild to today’s code. Contact
Deeley Insurance Group
to make sure you have the proper amount of Ordinance & Law Coverage to protect your property.
Insurance carriers look at the community to determine how well your property is built. Lack of building codes and enforcement could lead to rate
increases in those communities, or limited carriers willing to insure in that area.
I plan on aging well. I have developed a strong wellness routine for both myself and my property. In addition, I get an annual review of my insurance to
make sure that I am well protected.
Thanks for reading. Will you be reviewing your homeowners policy for proper property aging?