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Underinsured Are You Covered

🏡⚠️ Many Homeowners Are Underinsured — Here’s How to Avoid It Your home is likely your largest financial asset — but many homeowners don’t have enough insurance to rebuild if disaster strikes. After a major wildfire in Colorado, 74% of homeowners discovered their insurance coverage wasn’t enough to rebuild. On average, they were underinsured by about $139,000. Why does this happen? Because rebuilding costs are rising fast. 📈 Why Rebuilding Costs Keep Increasing Several factors are pushing rebuilding costs higher: • Rising prices for building materials • Labor shortages in construction • Increased demand after natural disasters • Inflation and tariffs on materials Today, the average rebuild cost in the U.S. is around $280 per square foot, which means rebuilding a typical home could cost around $410,000 or more. And remember: rebuild cost is not the same as market value. 🛠 4 Steps to Avoid Being Underinsured 1️⃣ Review your dwelling coverage regularly Make sure your insurance coverage reflects current rebuilding costs, not the price you originally paid for the home. 2️⃣ Consider extended or guaranteed replacement coverage These options can provide 10%–50% extra coverage (or even unlimited replacement coverage) if rebuilding costs exceed your policy limits. 3️⃣ Look for inflation protection Some policies include inflation guard, which increases your coverage each year to keep up with rising construction costs. 4️⃣ Shop around for insurance quotes Comparing policies occasionally can help identify coverage gaps and ensure you're properly protected. ✨ Bottom Line The worst time to discover you’re underinsured is after a disaster happens. A quick review of your homeowner’s insurance today could save you from major financial stress later. If you're planning to buy, sell, or review your home's value in today's market, I'm always happy to help you understand how replacement costs and property values compare in Central Florida. ✍️ Tatiana Reis-Destefano. REALTOR® 🇺🇸 English / 🇧🇷 Português The Prieto Group | LPT Realty ☎️ (O) 863-288-3978 | 📞 (C) 407-480-1933 📨 tatiana.reisrealtor@gmail.com ⬇️⬇️⬇️ Find your Future Property Here! ⬇️⬇️⬇️ 🌐 https://www.theprietogroup.com/agents... #HomeInsurance #HomeownerTips #RealEstateEducation #FloridaHomes #HomeProtection #PropertyInsurance #CentralFloridaRealEstate #HomeValue