Home Coverage

Your Independent Agent, Advocate Insurance, wants to ensure that you don’t face any unpleasant surprises in the event of a homeowners loss.

Like most homeowners, your home is probably your biggest investment, and you take pride in maintaining and improving it. But, have you thought about the maintenance of your homeowners insurance? Features like hardwood floors and crown molding are often not fully detailed when a homeowners policy is first purchased. Also, common home improvements like new flooring, plumbing and electrical upgrades add to the value of you home. More significant and expensive enhancements to your home like an upgrade kitchen or bath, a deck or patio, or a finished basement can increase your home’s value by thousands of dollars.

Average home replacement cost increase:

  • Renovating a kitchen = $18,000
  • Finishing a basement = $22,000
  • Renovating/adding a bathroom = $14,000
  • Adding a deck and french doors = $9,000

Your homeowners insurance needs to be increased accordingly so that you don’t find yourself with inadequate coverage to protect you biggest investment. Now, your Independent Agent Advocate Insurance have more sophisticated ways to calculate your true rebuilding cost.

Rebuilding Cost More Than New Construction

It costs more to rebuild a home after a loss than it does to build it new for several reasons:

  • The need for specialized, skilled restoration contractors.
  • Restoration work for each home is unique; there are no economies of scale or time.
  • Debris may need to be removed.
  • Older homes may need to be rebuilt to comply with current building codes.

All of these factors can add significantly to the cost of home rebuilding.

Growing Costs of Construction and Reconstruction

Residence built per decade: Original Cost Cost today to build
Typical residence built in 1960 $14,500 $122,000
Typical Residence built in 1970 $25,500 $136,000
Typical Residence built in 1980 $53,500 $142,000
Typical Residence built in 1990 $79,500 $148,000
Typical Residence built today $148,500

Imagine this scenario:

A homeowner facing a total loss has an outstanding mortgage and home equity loan. If the homeowners insurance is inadequate, this individual risks bankruptcy. It is estimated that the typical homeowner is underinsured by as much as 27 percent. We don’t want this to happen to you.

It’s Easy to Ensure Your Peace of Mind

To better protect you, your Independent Agent Advocate Insurance wants to be certain that all policy information about your home is complete and up-to-date. Through a short survey conducted by you agent, a comprehensive home profile is developed. The information you provide is used to generate a complete inside and outside profile of your home. Then a reconstruction cost estimate is calculate, allowing Advocate Insurance and your Independent Agent to insure your home for its full replacement value.

No one wants to think about losing a home. But, isn’t it nice to know that in the event of such a disaster, Advocate Insurance and your insurance company will be able to get you back into you home- restored to its original condition and quality- as quickly a possible.

You care about your home and family. Advocate Insurance does too.