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Understanding the Proper Dwelling Coverage

Insurance… and Replacement Value

Before we go any further, the first place to start with is working with a reputable Agent and Agency!  The reason that I bring this up first is because the majority of us do not understand the difference between Market Value, Just Market Value from the Property Appraiser’s Office, Purchase Price, Dwelling Coverage and Replacement Value.

So, let’s briefly touch on all these terms.  The Market Value of your home has nothing to do with what you need to insure it for.  It’s just what the market will bear.  It is the likely price a property would bring in a ‘fair sale on a competitive and open market.’  In other words, what an average seller and buyer will agree on.

Just Market Value is a formula that the Property Appraiser uses for tax purposes.  It is very different from Market Value.  Yet, it’s supposed to have the same intention.  The reason for the difference is, that the Property Appraiser when considering the criteria used in creating a Just Market Value, have to follow the Florida Statutes in doing so.  This is why there is generally a difference between the two.

Purchase Price is exactly what it seems.  I know….can you believe that!?!  A term that actually means what it is.  It’s the price that a specific buyer and specific seller agree upon for a specific property.  WOW!  I guess we’re getting very specific!

The Dwelling Coverage covers the rebuilding or repair of the physical structure – your home!  Whereas Replacement Cost Value is the amount that an insurer will pay to replace the house at the time of loss.

OK, so are you tired of definitions and confused enough already!?!  That’s OK, now I can hopefully help sort some of these things out for you.

The reason that I brought all these terms up are because of the misunderstanding of how to properly insure your home!  Remember, this is the most valuable asset that most of us have.  A loss will be devastating to most.  But being properly insured will surely ease that burden and be not as catastrophic.

You’re heard me time and again caution about underinsuring as well as overinsuring.

Before I go there, let me explain one thing.  We, insurance agents, use Replacement Cost Estimators (RCE) that allow us to come up with a figure for your Dwelling Coverage.  Let me correct that statement.  It should read that, we ‘should’….  Some just use a roundabout figure of a certain dollar per square because it is time consuming doing an RCE.  But it’s also a necessity to assist you in properly insuring your home.    There are many RCE’s out there and some are better than others.

Let me show you by example the dangers of not being properly insured.  Take, for example, a home with a Replacement Cost Value of $300K, but you only have it insured for $225K.  Let say you had damage on the amount of $20K.  Because you underinsured the home, they will not pay the $20K.  You’d only receive $15K.  The reason being is that you only insured the home for 75% of the replacement value and therefore the insurer will only pay 75% of the damage.

Here’s another scenario.  You have a home with a replacement value of $225K but insure it for $300K.  You have a total loss.  What is the insurer going to pay you?  If you said $300K you’d be wrong.  They are only going to pay out what the actual replacement value of the home is.  Just because you insured it for more than it’s worth, and paid more in premiums, is a waste of your hard-earned money.

Contact me with any questions/comments you may have.

Till next time…..Marc It Insured!

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