Double check your Fenton Missouri Homeowners Insurance policy to make sure you’re completely covered.
Most years, hurricanes threaten the U.S. East Coast while wildfires and floods often plague the west and tornadoes remain a concern throughout much of the Midwest. It is prime season for homeowner’s claims too, as residences often bear the brunt of all this wild weather. It’s also a good time for you to talk with your MJM Insurance® of Fenton agent to double-check your Fenton Missouri Homeowners Insurance Coverage and make sure you have enough protection in place should the worst happen to your home.
Nearly 2/3 of U.S. homes are underinsured, leaving almost two out of every three American homeowners at risk of financial disaster in the event of a catastrophe; meaning someone whose house cost $200,000 to replace would find themselves short by $36,000. Millions of homeowners throughout the nation are at risk of major financial loss should a natural disaster hit their neighborhood.
Homeowners are often content with “guaranteed-replacement” or “extended-replacement” policies, which sound like they’ll cover the rebuilding of a home regardless of the cost. But true guaranteed-replacement policies are almost extinct, and virtually all insurers cap their payouts at 100% to 150% of the amount for which the home is insured. A helpful tool when calculating the value/replacement cost of your home is AccuCoverage. The calculator walks you through a questionnaire that usually takes 20 to 30 minutes to complete and provides an estimated replacement cost.
Here are some of the more common mistakes that homeowners make that put them at risk.
Remodeling.
Renovating a home can be rewarding, but a costly experience. Although remodeling your home may increase the property value; many people forget to call and update their home’s value. Certain property improvements might even trigger new types of coverage as well. For example, if a homeowner installs a swimming pool, they may need to upgrade homeowners insurance coverages.
Just covering your mortgage.
In an ideal world, the amount we owe on our home should be less than the actual value of our home. The 2008 real estate crash pretty well laid that “rule” to rest, but the fact remains that too many people just think about their mortgage value when selecting their homeowners policy. So, in the event of a loss, these homeowners can pay off their mortgage but not necessarily rebuild their home.
Wait, they update building codes?
Construction standards have evolved greatly over the decades. As a result, a lot of the work that was done years ago on older homes may not pass muster with today’s more stringent building code standards. That means, in the event of a disaster, older homes will need to not only be rebuilt, but brought up to code as well. This can get expensive, and needs to be taken into account when updating homeowners insurance policies.
If you or someone you know have made modifications to the home, contact MJM Insurance® of Fenton for a free evaluation of your Fenton Missouri Homeowners Insurance Coverage to make certain your valuables are protected, just in case of a loss. It’s better to be safe than sorry.
Why Choose MJM Insurance® of Fenton?
We’re committed to outstanding customer service
We start by offering the best insurance products at a reasonable price. But it’s the MJM Insurance® of Fenton team that really set us apart from the competition. With combined experience of 60 years, our sales and support staff members can handle your transactions quickly and efficiently. We service each and every account using out team of insurance professionals and we’re always available to answer your questions.
We’re committed to professionalism
Our dedication to client service comes from a culture of professionalism and respect. All of our associates at MJM Insurance® of Fenton have strong credentials and all of our policies are presented to you in a consistent and professional manner.
We’re committed to solving problems quickly
MJM Insurance® of Fenton has unique industry relationships, allowing us to provide exclusive insurance solutions to our customers. Additionally, every staff member is trained to actively listen and provide helpful answers presented in a way in which our policy holders clearly understand.
We’re committed to earning and maintaining your trust
We believe trust is something earned by listening to our customers while providing helpful advice and support. Trust and consistent underwriting practices is what we expect from our carrier partners, and in return we owe the same level of service to you.
