Homeowners Insurance Update
Recently, as home values dropped, we have heard from consumer groups warning homeowners not to insure on the value of your home but on the replacement value of the home. The two are very different.
Home values go up and down all the time but what never goes down is the price to build a new home comparable to the one you have now. That is what is called replacement value. The cost of raw materials and labor continue to escalate so we caution you to ask your insurance carrier about the best way to insure to replacement value. 
New online service: Accucoverage.com. This website can provide you with your home replacement value based on the same local conditions, cost and criteria an insurance company would use. The service asks you a few questions and derives a value estimate with your zip code based cost structure. The fee for the service is $7.95.
DID YOU KNOW
A growing number of policies do not cover sewer backup. For about $60 per year you can add about $15,000 worth of coverage should there be damage from a back up or sump pump failure.
DID YOU KNOW #2
If you are thinking of buying a existing home, you could be in for a increased homeowners premium because of the claims history of the home. You can see the insurance claim history in a report you can buy from ChoiceTrust. Be sure to ask the home seller for a report of the home's Comprehensive Loss Underwriting Exchange report, or CLUE report, which lists the historical claims maid on the home. You can look up your home's CLUE report at http:/
