Posted on: October 10, 2017Homeowners insurance offers critical assistance in unexpected situations. Whether you’re replacing essential belongings or rebuilding the structure of your home, the right insurance policy will provide you with the funds you need to put your life back together. Make sure you know how much homeowners insurance you need to cover your most important items in the event of an emergency.
How Much Will It Cost to Rebuild?Oftentimes, homeowners use their mortgages as the basis for estimating what it will cost to rebuild a home. However, this is a very inaccurate approach. Your rebuilding costs will likely be higher if:
- Your home is not up to modern codes and needs significant upgrades if rebuilt
- Your home was custom built
- You have special aesthetic features like arched windows or elaborate trim
- There are additional structures on your lot, like a shed, garage, or gazebo
- You’ve made improvements to the home since you purchased it
- Your house has historic elements that are difficult or impossible to replace