Most folks purchase a homeowner’s insurance policy, pay it each month and forget about it.
But did you know that every year the various building departments in your area update codes to regulate construction and home improvements. If your policy isn’t up to date with current codes and your home is involved in an insurable accident, it could cost you thousands of dollars.
Your policy will likely cover replacement costs of the pre-damaged property, but any costs associated with bringing the home up to current building codes will fall on you.
But good news. There is a relatively inexpensive solution called Code Upgrade Coverage.
Code Upgrade Coverage bridges the sometimes-enormous gap between replacement cost and actual cost. Actual cost is what it takes to bring your property up to code.
We see it on all sorts of projects, but frequently with roof claims. If your home suffers roof damage but has non-compliant shingles or roof decking, the insurance will only cover the original replacement costs. For instance, whatever extra it costs to replace your 3-tab shingles with code-compliant shingles like architectural will be out of pocket. If your roof deck is old-school plank decking, for example, bringing it up to code with plywood would also be your responsibility. Before you know it, in addition to your insurance deductible you’re paying a sizeable portion of the project.
Take these simple steps to protect you and your property:
1. Call your agent to check whether your policy includes Code Upgrade Coverage.
2. If your policy is lacking, inquire about the cost and how it’s defined, meaning what it will cover. You may be pleasantly surprised.
3. While you’re at it, have your agent give the policy the once over for any other gaps in coverage.
Lastly, when you’re making repairs or replacements where insurance is involved, make sure you’re dealing with a contractor like Couto Construction that has a background and proven track record in dealing with insurance companies.
Having your contractor working on your behalf will help guarantee you’re getting full value and that everything that should be covered is covered. A professional contractor will also make sure the proper permits and inspections are in place, which are often requirements for your insurance company to pay the claim.
Couto Construction has you, your family and your property covered! Contact us today for more information.