Lockport & Homer Glen IL Homeowners Insurance
We are here to get the best coverage for your most valuable asset. Coverage availability and prices may vary by company. We can help you determine which of the several companies we represent. We will tailor coverage to meet your needs. Your home may be the biggest investment you"ll ever make. If you're serios about protecting that investment, here's some important information to consider when determining how much home insurance coverage you need.
Insure your Home for at least 100% of Estimated Replacement Cost
First get and estimate of the replacement cost of your home, the select the coverage amount that best fits your needs. We recommend you purchase home insurance coverage at least equal to your home's estimated replacement cost is important because it ultimately determines which policy options are available to you. Since it's impossible to predict today what the exact cost will be to replace your home in the future, it's important to have enough home insurance coverage to account for unforeseen circumstances.
Know the Difference between Market Value and Replacement Cost
Market value is the amount a buyer would pay for a home, including the land, regardless of how much it would cost to rebuild the home. Replacement cost is the rebuilding cost necessary to repair or replace the entire home. Replacement cost is not:
The market value of the home
The home's purchase price or the cost of the land
The outstanding amount of any mortgage loan
Obtain a Replacement Cost Estimate
Before your purchase a new home, nake sure you determine the appropriate amount of home insurance coverage needed. Building contractors or professional replacement cost appraisers are a good source for obtanining an estimate replacement cost. Estimates from these sources should reflect your home's features, including any architectural details or unique building materials:
Upgraded bathrooms or kitchen including cabinents
Finished or partially finished basement
Additional rooms or living space
Custom molding or arched windows
Other unique features
If you are not able to obtain an estimate we can help you determine the replacement cost.
Review Tour Home Insurance Coverage Annually
Have you recently remodeled or improved your home?
When you upgrade or improve your home, you may increase its estimated replacement cost. As your agent we will help you adjust your policy to meet your home insurance coverage needs. As partof your policy's provisions. You have 90 days to notify us of any remodeling or additions to your home that increase it value by $5000 or more.
Has the rate of inflation risen since your last appraisal?
We provide home insurance coverage that automatically adjusts each year in an effort to compensate for increases in construction costs in your area. However, certain conditions such as severe weather can increase the demand for labor and materials and raise costs beyond normal inflation. it is important to update your home insurance each year.
Other features for some companies:
- extended replacement cost
- Living expenses
- Various billing options
- 24-hour claims