![]() ![]() In the event of a total loss, you usually have 180 days to provide your insurer with a list of everything you owned, from sofas to soup spoons. ![]() It will cost about $50 to $75 a year to double your protection to 20% of the dwelling limit. You can beef up your coverage by buying an endorsement - often called a building-code upgrade. ![]() Some insurers include full building-code coverage, but most include either an extra 10% of the dwelling limit or a flat $25,000, which may also have to go toward removal of debris. After a disaster, municipalities may quickly tighten their codes. New building codes often create a discrepancy between the limits of coverage and the actual cost to rebuild, says Kathleen Stalter, risk-services manager at Fireman's Fund. Your policy probably already has 25% extra coverage built in, but you can buy more in 25% increments - usually for $30 a year - up to another 100%, says Michelle Rupp, an independent agent in Seattle. That's one reason it's also smart to purchase extended-replacement coverage, which covers the difference if the price to rebuild exceeds your dwelling limit. Building costs can change not only with the economy but also after a disaster, when contractors and materials may be in short supply, says Don Soss, a vice-president of Fireman's Fund. Your policy should include an inflation guard that is keyed to regional costs and, ideally, adjusts your coverage every year. Keep in mind that you're not insuring the market value of your land, just the cost to rebuild your home, garage and any other buildings. ![]()
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