Authored by: Sara Weathers

It’s peak hurricane season and property insurance is a necessity this time of year. With the prices of construction materials and labor staying inflated due to COVID-19, it’s imperative that property owners communicate with their insurance consultants to ensure all their coverages are up to date.  

In a recent interview with Bethan Moorcraft from insurancebusinessmag.com, Lisa Lindsay, the executive director of the Private Risk Management Association said there are four main coverages to focus on. The first is home or dwelling replacement cost. If a homeowner has made any changes since updating their policy, their total replacement cost may differ. Along with increased costs of building materials due to COVID-19, homeowners may be shocked at the difference between their current policy and the cost of totally replacing their homes.  

Homeowners should also consider insuring the other structures on their property that aren’t attached to their homes, like pools, pool houses, patios, and detached garages. These are all features typically not included in home replacement costs and need to be treated as separate entities when purchasing insurance. Personal property insurance is also something to consider. Things like furniture and appliances are often upgraded, and owners should keep their insurers in the loop when they purchase new items.  

Lastly, additional living expense insurance is something owners don’t often think about. However, if their home is uninhabitable as repairs are being made, this insurance can be vitally important if repairs take months to complete.  

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Photo Credit: langstrup, 123rf.com