Stay on top of key house coverage in a changing market

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July 18 – LAKE MOSES – Let’s say there is a fire. Let’s say the house is damaged, maybe destroyed. Of course, there is a home insurance policy, and it will cover it, right? Right?

The chances of everything being covered are better if the owners have done their homework. And homeowners should think about changing coverage to reflect changes in replacement costs and home values, especially in an active market like today’s central Washington market. Local insurance agents said it’s a good idea to check the policy periodically, regardless of the market, just to make sure it offers adequate protection.

RJ Martinez, owner of the RJ Martinez agency in Quincy and Farmers insurance agent, said homeowners should consider rising construction costs and the value of the home when purchasing a home. Home Insurance. Most policies include a provision for inflation, called “extended replacement,” Martinez said, but in an active real estate market, that might not be enough.

Gary Trautman, president of Basin Pacific Insurance & Benefits, headquartered in Moses Lake, said construction costs have risen dramatically, enough for homeowners to look at current costs.

“We encourage people to find out what it would cost to build a house like theirs,” Trautman said. “People really need to understand what it would cost to replace their house.

Tawni Harris, insurance agent at Greg Schlagel Allstate Insurance Agency in Moses Lake, said every homeowner should take regular inventory of their property – not just the home, but what’s in it.

Over time, a homeowner will acquire new property and get rid of others, and the insurance policy must take that into account, Harris said. Any renovation or improvement to the property also has an impact on the value of the home and, therefore, on the home insurance policy.

Homeowners who have removed carpet or vinyl and replaced it with hardwood floors should take this into account. The same goes for homeowners who have replaced old windows or made other home improvements.

“If you add a veranda to the side of your house, you had better talk to your agent,” said Chad Schwab, agency owner Chad Schwab and farmers’ insurance agent in Moses Lake.

Trautman said homeowners should be proactive and research themselves, and not just assume the policy covers everything.

“Take a look. Is (the coverage) sufficient? Said Trautman.

Trautman and Martinez suggested homeowners speak to people with experience in the construction industry to determine what the replacement cost would be in today’s market.

“It doesn’t hurt to ask,” Martinez said.

Schwab said people should make it a habit to review the policy periodically, at least once a year, to determine if the coverage still matches their situation.


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