By understanding more about the home insurance claims process, you can streamline your claims and improve the chances that the claim will be successful. Our team at Holly & Associates has decades of experience as residential home builders here in Sonoma County, and this experience has helped us develop a comprehensive knowledge of home insurance. In this latest post, we’ll highlight what you need to know for successful claims.
Insured Value Can be Different than Build Value
One of the most challenging concepts for many to understand when rebuilding their home and working with insurance companies is that insured value can be different than build value. This comes down to the insurance company trying to find residential home builders in Sonoma County on short-notice, to begin the rebuilding. While your insurance might cover a more drawn-out process, the company is charged with finding a specialist on short notice, and this often means paying slightly more for the rebuilding work. This short-notice process also increases labor rates and should be taken into consideration when working with your insurance company.
There are Specific Professionals Involved in Rebuilding
Another consideration is that there are specific professionals that are involved in the rebuilding process that must be covered by insurance. Professionals such as architects, debris removal professionals, landscapers, and swimming pool builders might be required when damage occurs within a specific part of the property. This is where having a General Contractor manage the entire project helps in scheduling and managing the efficient rebuilding of your property.
Comprehensive Insurance is Required
In order to ensure that your claims are paid in full, you should consider the full range of insurance options for your home. This includes the guaranteed replacement cost insurance, which will pay you the exact amount that you pay for your rebuilding work. Extended replacement coverage can be a great option if costs run over-budget for the rebuilding work. You might also consider adding an inflation guard to your policy to ensure the coverage replacement costs keep up with the pace of inflation in the marketplace.
Our team of residential home builders at Holly & Associates in Sonoma County are here to guide you on your rebuilding options. We have the industry experience and the local expertise to complete complex building work in a reduced timeframe. To discover more about our services, call us today!