Two Thirds Of Anything Is A Problem.
Homeowners in Westchester this is for you!
If we pretend for a moment that two thirds of people who won the lottery never received their check, would that sound like a problem to you?
How about if two thirds of all Mercedes Benz cars sold in 2017 came with a surprise at 10,000 miles that they were missing critical parts? Slight issue.
Hopefully we can agree that if two thirds of anything is wrong, it’s a huge problem. When it comes to homeowner’s insurance, the story is the same, but it isn’t pretend! According to a 2015 study by Marshall & Swift/Boeckh, nearly two thirds of American homes are either under insured or overpaying for insurance.
If you’re a homeowner in Westchester, I imagine your thoughts right now are:
“That’s crazy!” “Why isn’t anyone panicking?!” “Where is ZRM Brokerage to save us?”
Great questions, and I feel the same way.
There are three key points I want you to take away from this today:
- The market value of your home is not always equal to the replacement cost value. This is especially important to consider with high value homes. Luxury and custom design fixtures often cost more to replace now than they did in the past due to rising labor and material costs.
- Replacement cost and guaranteed replacement cost are not the same thing. After paying all that premium, if unforeseen circumstances cause building costs to exceed your dwelling limit, are you comfortable coming out of pocket for the remainder of your build? Didn’t think so.
- The insurance markets and appetites are always changing. If you’ve been with the same insurance carrier for more than three years, it’s time! Call a broker and ask to be shopped around this year.
Don’t wait until its too late to find out someone you know was under insured or has been over paying for their insurance. Be a good friend and suggest they call ZRM for a free consultation today.
They’ll thank you for it later.