How much home insurance is enough?
The Cost to Rebuild Your Home is Its Replacement Value.
This can be very different from the estimated market value or actual purchase price of your home. In most cases, it costs more to rebuild the home you own than to buy a new one.
South Carolina – How Much Home Insurance is Right for You?
H & H Insurance Brokers understands the home insurance needs of our clients. We will work with you to estimate the replacement cost of your home and to adjust your policy limits from time to time as needed. It is critical that you provide us with accurate and updated information about your home and its contents. If your dwelling limit accurately reflects your home’s true replacement cost, some companies will pay more than the limit if a covered loss is greater than the limit on your policy. Once a review of your home and possessions indicates you are properly insured, it is a good idea to reexamine your coverages and limits from time to time, especially if you make additions or improvements. H & H Insurance Brokers can help you reevaluate your insurance needs. Just give us a call at 843-352-2381.
South Carolina – Be Sure You Have Enough Homeowners Insurance
Here are some steps you can take to reduce the danger of being seriously underinsured: ‐ Call H & H Insurance Brokers (803‐238‐1970). If you have questions or concerns about the limits in your policy, ask us to show you how those amounts were calculated. This will also give you an opportunity to make us aware of any overlooked information.
If you own an art collection, antique furniture, jewelry, or other valuable possessions, speak with us at H & H Insurance Brokers about supplemental coverage, such as fine arts or scheduled property endorsements, to adequately protect your investments. The cost is modest for the extra protection; often, the deductible is waived.
Consider whether you should have more coverage for personal property than your policy provides. Personal property coverage is usually 70% of the coverage limit for the structure. Your limit may be lower than 70%, and supplemental protection is available for a small additional premium.
Inventory your home. Prepare an inventory of personal property items, update it from time to time, and keep it in a safe place outside your home, such as a safe deposit box at your bank. It will save you hours of time trying to list everything damaged or destroyed if you need to make a claim. It will also help ensure that you don’t forget any items. H & H Insurance Brokers can help you with regard to preparing an inventory of your personal property items. We even have a pre‐printed brochure that will walk you through the inventory procedure.
Besides making sure you have enough protection to cover possible damages to your home and contents, you should also evaluate your exposure to liability risks. These risks result from damage to the property of someone else, injury to a person who is not a member of your household, for which you can be held responsible.
In recent years it has become common for homeowners to be sued for injuries or damages to others, even when there is no evidence of negligence on the part of the homeowner. Today’s reality is that if you have any appreciable assets, you are exposed to the risk of being sued. Even if you ultimately prevail in court, your legal fees and the months or years
of worry and uncertainty can be a huge burden on you and your family.
The Personal Liability coverage provided by your homeowners policy usually provides a limit of $100,000 or $300,000. We recommend increasing this protection with a personal umbrella policy. Not only will it increase your personal liability, it will also increase your auto liability. Limits are available from $1,000,000 to $10,000,000 and beyond. The cost of this coverage is usually very reasonable.
Remember that South Carolina can require certain minimum levels of coverage. The right coverage for you is going to be unique, so call us at H & H Insurance Brokers 843-352-2381 to find out what coverage is best for you!
H & H Insurance Brokers will offer insurance plans customized to each individual and business while consistently offering quality service.