Insurance: Are you really covered for today’s costs?

Due to its appearance and location, our neighborhood has become a very desirable place to live in the greater Woodstock area. A lot has changed in the years since our community was built. One of the big changes has been in the area of building codes – they are constantly changing to make new homes safer.

Of course, we don’t have to constantly bring our existing homes up to the current code. So, why should we be concerned?

With increased code safety comes increased costs. If your older home should be heavily damaged or even destroyed, you may find that your insurance policy won’t cover your home’s replacement cost under today’s building codes. This shortfall in coverage could mean out of pocket expenses totaling tens of thousands of dollars!

Because of the maturity of our neighborhood, be sure that your homeowner’s policy contains an “ordinance and law” endorsement. It’s extremely affordable (around $20 / year), and it ensures that the extra cost of replacing your home by today’s standards will be covered by your insurance, not by your wallet.