Water damage is consistently a common and severe cause of loss to homeowners. It is amazing to see the damage that water can do. Water carved the Grand Canyon – just think what it does to drywall or plaster! The good news is that water damage losses can be prevented or mitigated by a properly installed automatic water shut-off device.
Because you work hard to ensure the success of your business, it makes sense to prepare for unexpected equipment breakdowns. Selecting an equipment breakdown coverage option with your business property insurance policy protects you against financial loss from the sudden and accidental breakdown of machinery and equipment.
Does your homeowner policy have sufficient coverage limits to help you recover fully after a loss and avoid incurring serious financial burdens? It’s a question many people don’t ask, and if they have a claim, it can leave them with unexpected expenses.
Reconstruction cost – or replacement cost – is the cost of hiring a contractor to replace your home as it is, using materials and design of the same or similar quality. This amount is not the same as market value, which is the value of comparable homes that have sold in your area. Your home’s current reconstruction cost could be very different from its market value.