Homeowners Insurance adjustment

[Eric Fugitt]

FYI to everybody! I met with my insurance agent the other day, and he reminded me that since the value of each of my properties has risen substantially the past few years, my coverage for substantial property damage is insufficient, and I need to adjust my coverage on my rentals. They are about $100k under what the value of each of the properties currently is compared to a couple of years ago. So if I had a fire in a rental, my insurance would only cover about 2/3 of the current value to replace it. This is compounded by rising lumber and construction costs. So, meet with your agent asap if you haven’t in a while. Don’t look at the liability number (that’s for of someone hurts themselves and sues) but the dwelling protector number. Hope that helps.