Sunday, January 27, 2013

How much insurance do I actually need for my home?

Timing is everything, first I read a great blog post and then I get a call from a buyer client about the same subject. So, especially after seeing so much devastation and destruction from Hurricane Sandy, I found the below blog post by Frank Laisch "The Insurance Guy" very informative:

How much insurance do I actually need for my home?

Your home is probably your largest single investment, so insuring it adequately is very important.
It is estimated that about 60 percent of American homes are underinsured by an average of 22 percent.
You should have an amount of insurance that is sufficient to rebuild your home in the event it is totally destroyed by a fire, tornado, hurricane or other insured catastrophe.

The amount of insurance should cover the cost of rebuilding your home at current construction costs, not including the value of the land.

Don’t think about the price you paid for your home or the appraised value.

There are other considerations to take into account when determining the amount to insure your home for, such as

The expense of clearing debris from the lot before rebuilding can begin
Fees for an architect or other design professional to estimate costs and produce plans to be followed by the contractor
Rapid inflation in the cost of building materials and labor following a major catastrophe that affects a number of homes in the same area
Local building codes that require replacement with additional features or more expensive materials

There are several methods used to estimate the replacement cost of a home. Some of the factors insurance companies use are:

Building materials
Type of foundation
Attached or detached garages
Square footage
Location of the home
Number of rooms and baths

Ultimately it is your responsibility to establish the value of your property and select the amount of insurance for your policy.

We can help with that decision and explain what you can do to avoid an unpleasant surprise after a loss.


Website: www.nat-ins.com

Email: frank@nat-ins.com

Office: 863-624-4000

Cell: 407-493-2078

Fax: 863-624-9914

Mark Slade
Keller Williams
Good Homes

Selling a Maplewood/South Orange/Millburn/Short Hills area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County— Millburn, Short Hills, Montclair, West Orange, South Orange, Livingston, Maplewood, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield--by your side will make the transaction run a lot smoother. I would love to be your Maplewood/South Orange New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City, mostly served by NJ Transit’s Mid-Town Direct Train Lines, offering commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.

As an Accredited Buyer’s Agent (ABR), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home. My GO-TO team can provide you the best in Real Estate advice with regard to attorney choices, Home Inspectors and Mortgage Loan Officers

As your Maplewood/South Orange/Millburn/Short Hills/Essex/Union County New Jersey listing agent I am well versed on as your local expert in all things in the Maplewood and South Orange area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your Mid-Town Direct home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® (with a little bit of Morris County thrown in for good measure) is one of my truest passions, and “Helping You Find Your Dream Home” is my number one priority.

Mark Slade

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