Why homeowners should work with their insurance company to determine the correct level of insurance protection| American Property Loss Public Adjuster

Determining Home Reconstruction Costs Is A Partnership Of Insurer And Homeowner, Says The I.I.I..

The following is an excerpt from an I.I.I, article published late last week on their website. It shows one more reason to have a Licensed Public Adjuster on your side when the time comes to make a claim. If the insurance company is using computer models to determine how much to pay for your loss, and not applying local construction knowledge, you may be in for a great big surprise when their “estimate for repairs” comes back.

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TAMPA, February 16, 2012 — Failure to recognize the widening gap between what a house would sell for today and what it would cost to rebuild tomorrow could leave Florida homeowners underinsured. That is why homeowners should work with their insurance company to determine the correct level of insurance protection, according to the Insurance Information Institute (I.I.I.).

As real estate values have plummeted, homeowners who look only at the market value of their home while discounting the reconstruction costs may find themselves dangerously underinsured. Why? Because even though real estate values have dropped, reconstruction costs have not.

Property insurance companies use computer software and other programs to estimate the reconstruction costs of a home in order to determine the approximate cost to rebuild it following a disaster like a hurricane, tornado or fire. Homeowners should work with their insurance company to understand rebuilding costs estimates and select the appropriate amount of insurance coverage. Homeowners also should be aware of their options should they disagree with their insurance company’s estimates.

Costs of residential construction have risen in eight of the past 10 years, rising nationally by 3.3 percent in 2010 and 5.9 percent in 2011, driven by rising prices for raw materials and fuel. Additionally, weak demand over the past several years has slowed down production of building materials, such as gypsum used for drywall, with price increases expected.

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Why homeowners should work with their insurance company to determine the correct level of insurance protection

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