Here, at Frisco Insurance, our top priority is providing quality homeowner’s insurance that provides full coverage for your home. That goal necessitates envisioning all possible scenarios for our valued customers. Unfortunately, some of those scenarios can involve paying thousands, or tens of thousands of dollars, out of pocket if policy owners don’t have the right coverage for their particular situation.
We’re here to help ensure our customers who have policies to protect their homes are fully covered in all situations. This includes any new developments in a world where laws, material costs and building codes can change. We don’t bring this to your attention to alarm you. We, at Frisco Insurance, bring different policy options to your attention so that you and your family may enjoy peace of mind and protect your hard-earned savings.
Let’s introduce two important policy options:
Scenario #1: Extended Dwelling Coverage
Accidents and disasters do sometimes happen. You, as a homeowner, may have wisely protected your asset with a quality insurance policy from Frisco Insurance. However, all homeowner policies have extra options available in case they are needed. One such option is our extended dwelling coverage.
Suppose your home, along with 30 other homes, is destroyed by a wildfire. This event occurs years after you initially purchased insurance for your home. In the meantime, building material costs have escalated 30%. To add insult to injury, labor costs have increased by approximately the same amount. Thus, your $200,000 home will cost $260,000 to completely rebuild. In this scenario, you’ll have to pay $60,000 out of pocket or you’ll have to settle for less than a complete rebuild.
You can easily avoid this outcome by purchasing inexpensive extended dwelling coverage from Frisco Insurance. You’ll receive a lot of value for a small increase in your annual premium.
Scenario #2: Building Ordinance Coverage
Here’s another option to safeguard your valuable home. It’s a fact that building codes and laws (the precise manner in which construction must occur) change from time to time. Unfortunately, these changes sometimes mean that the cost of rebuilding a home, to the current code, is more expensive than it would have been at the time the policy was issued.
This potential problem could cost tens of thousands of dollars out of pocket for a homeowner who does, in fact, have home insurance. Together, let’s ensure that this outcome never happens. You have the option to protect your home from escalating costs due to changing building ordinances. For example, if new building codes are required in your area, and those codes cause a 20% increase for reconstruction, your original policy will not cover this increase. This potential problem is easily solved, and we’re happy to clarify any details regarding the possibility of changing building ordinances in your area.
At Frisco Insurance, our job is to help you plan for all potential outcomes and protect your valuable home. Together, let’s safeguard your financial security regardless of natural disasters or other unforeseen events that may occur. To protect yourself from a loss that could be greater than your policy limits, call us today.