Priority Insurance LLC Blog
Stories of the surge in home construction costs will continue well after 2022. A pandemic-related interruption in labor shortages, inflation, and supply chain interference has led to a 15-year high in the home building backlog. While housing building is projected to be slowed shortly, there is hope to return to normalcy in 2022.
It's worth considering what a rise in construction expenses would entail for you as a homeowner. If a fire or natural disaster knocks down a part or all of your home, your savings account could take a significant hit. This is more likely to happen if you don't have enough home insurance.
Never Assume You’re Covered for Natural Disasters
Floods aren't the only disasters frequently left out of regular homeowners' insurance policies. If you live in a disaster-prone area, you may need to supplement your homeowner's insurance with endorsements. Or other policies to guarantee that you're properly protected.
Consider Flood Risks
Flood insurance is an expense but can be disastrous if you don't have it. Only around 15% of homeowners own flood insurance, according to estimates. However, many properties, including yours, may be at risk of flooding.
Consider Water Damage And Leaks
Floods aren't the only source of water damage to your house and savings account. Water damage and leaks are more likely covered by home insurance. However, not all types of water damage are.
If you detect a leak or a frozen pipe is poised to burst, get a water leak detector that can notify you by smartphone. A water-leak detector helps you avoid filing claims and paying an insurance deductible. In addition, it may also qualify you for a home insurance discount.
You can purchase additional coverage types to protect your house from water damage. And you may usually add coverage for sewer backup and sump pump failure.
Home Repair Coverage
A home insurance policy's dwelling coverage pays to repair or rebuild a part or the entirety of your home. This is more likely to happen if it is damaged by a covered problem, such as a house fire.
The dwelling coverage amount you have should be determined by the cost of rebuilding your home using current construction and labor expenses in your area. However, extreme events, such as a tornado that destroys entire neighborhoods, might significantly increase rebuilding expenses. Suddenly, the amount of coverage on your home could be insufficient.
At Priority Insurance LLC, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (864) 297-9744. You can also request a free quote by CLICKING HERE. Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!
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