Know your rebuilding costs

The insurance brokerage industry works very hard to keep up with inflationary increases of rebuilding costs on buildings. We do this but without good communication we cannot know if you have made changes to your buildings. For example; upgrades, additions, etc. Some policies automatically increase by a specific percentage each year but you cannot rely on that. Recently we have experienced huge inflationary increases on building costs so check with a builder or appraiser to make sure you are insured adequately, you can also ask your broker to provide you with a building evaluation that provides you with an estimate of the cost to rebuild. Insurance companies still tell me that people are seldom insured at a high enough limit. Of course, this is found out at the time of a loss…a little late! The difference has to be paid out of their pocket. Two similar buildings can vary in replacement cost by more than 2 times.  An Insurance Broker who specializes in your particular industry will know more about the rebuilding costs than one who does not. We can help with the values, however, an insurance broker is an expert in insurance products, he is one who advises and arranges for the issuance of policies with an insurance company on your behalf that meet your coverage requirements.