Don’t wait to check your building valuation!
For much of 2020, it felt like the world was on pause, but one thing that’s constantly changing is the cost to replace your home or business in the event of a substantial loss.
The cost of building materials continually increases, and so do labor wage rates. To Be Sure you’re properly protected, you need to be “Insured to Value” in both your personal and commercial insurance.
Not too much. Not too little.
Being insured to value means the amount of coverage on your property approximates its actual replacement cost, not its current market value.
If your coverage does not meet the minimum threshold assumed in the policy, you are underinsured, and your policy may not pay enough to repair or replace your property in the event of a covered loss.
Remodeling your home or building a new addition can increase the value of your home by 25 percent or more. Any time you make changes or updates, you should speak with your Deeley Client Advisor to ensure the values in your policy reflect the work that has been performed.
While property values can fluctuate up and down often in response to market conditions, building costs are consistently on the rise regardless of business type or location. Reconstruction costs are trending up in excess of 9% since January 2020, with lumber prices alone rising 54%. For details, read the Verisk 360Value – Q1.2021 – USA Report.
Let’s talk. These recent changes make it a great time to confirm the current value of your home or business and work with Deeley to ensure you’re properly covered when you need it most.