Should You Get Replacement Cost Coverage For Home Insurance?

Replacement cost coverage is the gold standard for home insurance. You deserve it. Talk with your agent at State Insurance Solutions, serving Dallas, TX and the surrounding area, to learn more about replacement cost coverage for your home and its contents. If you do have it, and you have not reviewed the coverage for some time, or if your home was improved, then ask for an insurance review. An insurance review makes sure that the current policy provides adequate coverage.

What is the replacement cost?

For a home, the replacement cost is the construction cost that would rebuild the home to a similar condition as a brand-new one of the same type. If your home is 40 years old and falling apart, replacement cost is not the value for selling the home, but the cost of rebuilding a brand-new one.

For personal property, the same thing applies. You can get replacement cost coverage for valuable things in the home. You make a detailed inventory of what you have in the home and on the property. If anything covered is damaged, lost, or stolen, for a reason that is insured against, you will have protection. If there is a legitimate claim and something needs to be replaced, you will get a brand-new one of the same type.

Benefits of Replacement Cost Coverage

The main benefit is peace of mind. If you work with your agent to have the protection in place, then, if anything bad happens you will be upset about it but not panic. You will never face the possibility of having lost everything. You will be in the category of people who manage finances well to protect their families. This follows the recommendations of the top tier of financial planners.

Find out about replacement coverage. To get an insurance review and a quote, contact your agent at State Insurance Solutions in Dallas, TX.

Three things to know regarding uninsured and underinsured motorist coverage

One of the numerous add-on auto insurance features available to motorists in Dallas, TX is uninsured and underinsured motorist coverage. This is a good feature to have on policies offered by insurance providers such as State Insurance Solutions.

The following are three things to know regarding uninsured and underinsured motorist coverage when you’re on the market for an auto insurance policy.

There are many uninsured and underinsured motorists out on the road.

A lot of motorists assume that the vast majority of drivers carry required insurance due to law enforcement efforts by the police. In fact, this is not the case. There are probably far more uninsured drivers out on the roads than you think. As of 2015, it was estimated that as many as 13 percent of drivers were uninsured. 

You could get in an accident with an at-fault driver who doesn’t carry any auto insurance. 

With all the uninsured drivers out there, it’s obviously entirely possible that you could get in an accident caused by one of these drivers. If this happens, your own insurance will have to cover the damage costs. However, this will only happen if you have collision coverage. If you don’t have collision coverage or uninsured and underinsured motorist coverage, you’ll have to pay for the resulting accident damages to your own vehicle out-of-pocket. 

Some states require motorists to carry uninsured and underinsured motorist coverage. 

In Texas, uninsured and underinsured motorist coverage is not required by state law. However, it’s important to note that some states consider this type of coverage so important that they require it by law. 

Still have questions about uninsured and underinsured motorist coverage in Dallas, TX? We’re here to help. Contact us with your questions at State Insurance Solutions.