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Tips on Insuring Your Property

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Published on Dec 17, 2009

How can you tell you are insuring your property for the correct amount? For both commercial property owners and homeowners, this question of valuation is common.

When you think insurance think replacement cost value. This is the cost it would be to rebuild your strucure or replace your contents within the structure. Think what it would cost with todays labor costs, material costs, and soft costs, like architect fees. Often the value to replace a building is different from the market value, or the purchasing price. Replacement cost valuation does not factor the cost of land, and is often very different from the market value.

Your agent can help you evaluate your property for replacement cost purposes. They can ask you some key questions to help ascertain the replacement value, and they have useful tools like costestimators with their companies to determine a valuation.

So dont hesitate to call your agent today so they can help guide you through the process! In the unfortunate event of a claim, you want to make sure your insurance will respond to get you (or your business) back to where you were before the loss occurred.

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