Home Insurance Fire ClaimAs summer slowly phases out and autumn leaves begin to fall, our thoughts turn to the cooler days of winter. With that comes the need for heat, fires in the fireplace, space heaters, fire pits and such. The question is, how are you covered for the possibility of fire damage or total loss?

If your house is totally destroyed in a fire and you have $150,000 worth of insurance to cover the structure, will this be enough to rebuild your home?

If the cost of rebuilding your home is equal to or less than $150,000 you would have enough coverage. The Homeowners-3 (HO-3) policy, the most common homeowners policy in the United States pays for structural damage on a replacement cost basis. If the cost of replacing your home is, say, $120,000, then that is all the insurance you need. On the other hand if the cost of rebuilding your home is $180,000, then you will be short $30,000.

If you live in an area that is frequently hit by major storms, ask your insurance agent about an extended or guaranteed replacement cost policy. This will provide a certain amount over the policy limit to rebuild your home so that if building costs go up unexpectedly, due to high demand for contractors and materials, you will have extra funds to cover the bill.

If you choose not to rebuild your home, you will receive the replacement cost of your home, less depreciation. This is called actual cash value. You should make sure that the amount of insurance you have will cover the cost of rebuilding your house. You can find out what this cost is by talking to your real estate agent or builders in your area.

Do not use the price of your house as the basis for the amount of insurance you purchase. The market price of your house includes the value of the land on which the house is situated. In almost all cases, the land will still be there after a disaster, so you do not need to insure it. You only need to insure the structure.

Odessa, Texas Insurance AgentOut here in the Permian Basin, people have a particular set of values based on honesty, trust and respect. We understand that and work hard to embrace those values in our business and community outreach.

As an independent insurance agency for more than 35 years, we know you have the option to shop for insurance at any number of agencies. From large to small and all the in-betweens, we know you have choices for selecting the insurance agency that works best for you.  We respect that.  That’s why we offer custom-made insurance plans that suite both your personal insurance needs as well as your business insurance needs. Military families, too, rely on an insurance agency that will understand their special requirements.

Much of the time our customers have questions about how a particular policy works. We take time to explain the complexities of insurance in simple terms, helping you make smart decisions. We will take stock of your insurance needs and match them with the insurance carrier best equipped to meet those needs at a price you can afford. Think about it. While you might research wording for wills on the internet, you’ll likely go to an attorney to be sure the document is drawn up correctly. Why wouldn’t you seek the advice of a licensed insurance professional to be certain that your home, your auto, or your business is properly protected?

An aspect of how an independent insurance agent serves you is that we not only find you competitive pricing, we make sure you’re adequately covered. Working with you face-to-face, we serve as your personal adviser, taking the time to listen to you and understand your individual needs.

Independent agents are your neighbors so it’s natural that we share your interest in the community and understand the benefits and challenges of living in your area.

Convenience is always a welcome thing and as an independent insurance agent, we offer one-stop shopping, providing autohome, renter, and business coverage.

We will work with you to periodically review your coverage and help you through all the changes in your life, whether you’re going from renting an apartment to buying a home, starting a business, getting married, renovating your home, adding a teen driver to your auto policy, or looking to cover your retirement condo.

Honesty, trust and respect are values we live by and earning your confidence is a goal we strive to achieve one new insurance customer at a time.