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Wrong Number!

If there’s something important to you, there are likely important numbers about it that you know.  Farmers know their expenses and commodity prices.  Some people know the day they’re going to retire.  I can tell you the size of the engine in my vehicles, the square feet of my house, and the height of my lawn mower blade, Mrs. Michael’s birthday, and our anniversary!  Happy Birthday Mrs. Michael!

Rummel Insurance Company MIYour house is important to you.  You probably know what you paid for your house.  Do you know how much insurance you need for your home?  If you think your home’s market value should determine how much insurance you need, you’ve got the wrong number!  Your homeowner policy is designed to pay the costs to rebuild your home.  These days, it would cost a lot more to rebuild your home than you’d get if you sold it.

A lot of you rely on insurance agents to tell you how much insurance coverage you need.  They have access to software that can generate a rebuild cost for you based on very limited knowledge about your home.  It’s a place to start… but it’s like asking them what you should get your spouse for Christmas.  They don’t know what your spouse likes.  And they don’t know the details of your home.

You know you’re doing insurance right when you don’t even ask your insurance agent what to insure your house for – YOU tell THEM.  Two numbers you need to know before you call your insurance agent:  the square feet of your home and the cost per square foot of new construction in your town.  Measuring the square feet of your home isn’t that hard to do.  And you know someone, who knows someone, who knows what new construction costs per square foot in your area.

In the last few years, home rebuild costs have increased around 50%.  If you haven’t recently called your agent to raise your coverage, you could very well NOT have enough insurance to rebuild your home.  Insurance agents cannot make these changes without speaking to you first.  So, get your house measurements, find out rebuild costs in your area and THEN call your agent for a good conversation!

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