Is your home insured to a high enough value?

Is your home insured to a high enough value?

There are many things to remember when deciding how much insurance coverage you need on your home. Let's go over a few.

1. Location - where you live changes the cost to rebuild or fix your home if you were to have a claim.  The Midwest and South are cheaper than California. 
2. The price to rebuild in Star, Nampa and Emmett Idaho is more than double than it was in 2016.
3. Do I have a custom home?  If there are 20 other homes in your subdivision you may not have a custom home, but you may still have high end cabinetry, countertops and other finishes.  If you have a one of a kind home the price to rebuild will be more than a tract home.
4. You do not need to include the price of land in your home rebuild calculation.
5. Where am I going to live if my home is inhabitable for 6 months?
6. If you have higher end finishes 200.00 a square foot may not be enough.

So how much insurance should I have on my home.  As of July 2021 we are encouraging clients to insure their home starting around $200.00 a square foot.  So if your home is 1500 square feet we suggest you have at least $300,000 insurance coverage on your home in case of a claim.  If you have a 3,500 square foot home you will need $700,000 dollars of insurance or more.  Could you imagine not being able to rebuild your home because you do not have enough insurance.  Home insurance is cheap in Idaho compared many other states.  So you are not looking at that much more money to insure your home correctly.  At BIGinsurance.com we are trying to talk to every home owning client about the coverage on their home.  If you have not looked at the coverage on your home in the last 12 months you need to address it now!

To figure out how much insurance you need do this:

  Price/SQft * $200.00

If you have a more custom home, a log home, or a hard to get to home the cost may be more than 200 dollars a square foot.  If you are not sure call us @ 208-365-2160 for a free replacement cost estimation on your home.  You can text us at 208-228-9886 if that is easier.  Please do not put this off, your home value has skyrocketed in the last few years, make sure your insurance coverage has kept pace.  Regardless of who you buy your insurance through make sure you have this coversation if you have not already.

James Buck President of BIGinsurance.com