Understanding More About Your Property Insurance During Coronavirus Scare

3/22/2021 (Permalink)

Understanding your homeowners insurance is crucial to being able to absorb a loss after a storm. Talk to your agent today about your policy.

We are officially into Spring, a refreshing feeling though temps still aren't as high as we'd like. With wet weather in the forecast this week I thought it would be the appropriate time to discuss some things you may want to consider with your homeowners insurance coming into rain and storm season.

A couple years back I had written a blog talking about the importance of not only having Sewer & Water Backup as part of your homeowners insurance policy but also how much coverage to consider carrying. If you haven't read it, here's the link... https://www.SERVPROspenceriowagreatlakes.com/blog/post/140527/storm/do-you-have-enough-insurance-coverage

Much of this information still rings true when considering how much coverage to hold on your property.

1. Location
2. Size & Value of your property
3. Would you like it returned to preloss state
4. The value of your contents in your home

There is also one thing to keep in mind when discussing your home and insurance coverage...everything changes.

As we have seen with the coronavirus pandemic, we don't know what the next day will bring but we do know that everything is going to change frequently.

So how does that factor into your homeowners insurance and how much coverage to carry? While it may seem like an easy answer of market changes, there is much more thought to be put into it than that.

Throughout the pandemic manufacturing was nearly completely shut down in some business sectors for two weeks or more, those minor setbacks paired with increased import tariff's have caused some cost of building materials to raise 6x, or higher, the cost from this time last year. When looking to buy a simple sheet of plywood one could expect paying $6.00 and up depending on the size and kind, now for that same piece of $6.00 plywood you're looking at $36-$42 per sheet.

When we go into a home or business for a storm restoration job there are many times that we have to do a flood-cut in the drywall, replacing trim & doors, repainting, and replacing flooring due to the amount of damage to the property. The pandemic has caused many businesses to take extra precautions to ensure the safety of not onlytheir clients but alsotheir employees. While we ourselves try to absorb some of these costs so as to not pass them onto the consumer during an already difficult time, as many businesses are forced to do, we simply cannot absorb them all.

There are a number of other factors that work into how much coverage youshould carry for Sewer & Water Backup coverage, now is a great time to connect with your insurance agent and have the discussion. After all, the simple increase of $20/month for an additional $5,000-$10,000 in coverage will go a long way in protecting your assets.

For those of you renting your home, make sure you have plenty of coverage for Renters Insurance. If something were to happen to the property and you don't have enough coverage, it will be you who suffers and not the property owner. I have had the unfortunate task of talking to a few renters during my time with SERVPRO that did not have any Renters Insurance and lost more than they ever should have.

Remember, if disaster strikes...time matters. Call the team that's Faster to Any Disaster...SERVPRO of Spencer & Iowa Great Lakes. 712-262-4379