IMPORTANT UPDATE
Construction Costs Are Up Significantly
Building limits on your policy need to be assessed to be adequately insured
We have been watching a trend in construction costs and how that may impact the insurance policy(ies) we have in place for you.
Building costs are an all-time high.
In some cases as high as 100%. These prices are driven by demand for new construction, remodeling and of course, the pandemic related problems which have impacted the production of nearly everything. On top of rising material costs, new building codes have recently gone into effect in some areas of the country, which have added addition expense to construction projects.
Under your current policy you may not have enough insurance to rebuild.
We are seeing claims settlements that are not covering the costs of replacement builds. If your property is not properly insured to its full current value it can impact how much you are paid in a claims settlement, even at a partial loss. CTA Design Builders, Inc. recently put together their annual rough estimates of the current costs of remodel and new construction, read here: Residential Construction Costs: An Update Heading into 2021!
We are here to help you determine current values.
Please review your values now and make sure they are adequate to cover the current value of your property. We would be happy to schedule a time to review those with you to make sure you have the right protection. Give us a call at 888-303-3230.
As your insurance partner, we are committed to protect your valuable assets that, in many cases, it has taken you a lifetime to build. Thank you for choosing Basin Pacific Insurance.
Gary Trautman
President of Basin Pacific
For more information on homeowner coverage, click here.
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