home

4 Times You Need to Update Your Home Insurance

Posted on by admin

If you own a home in the Reading, PA, area, it’s important to keep your home insurance up to date. At Berks County Insurance, we can help with that. Our trusted agents are focused on ensuring you have the right policy, even as your life circumstances change. If you’re not sure when to update your coverage, here are four of the most important times to talk with your agent about making changes.

Update Your Coverage to Stay Protected

Most agents recommend that you review and update your home coverage at least once per year. However, there are other times you should also make updates, or at least ask your agent if updating is necessary. Get in touch with one of our agents today if you’re:

  1. Making Significant Renovations
  2. Buying Expensive Valuables
  3. Upgrading Safety Items
  4. Adding a Pool or Outbuilding

Having a properly updated homeowners policy not only increases your protection for the people and things you value, but it also ensures that you have confidence in your policy. That lets you more thoroughly enjoy your home, so you can focus on creating a comfortable space for you and your family. Our agents know how important good coverage is, and will work with you on updates that strengthen your policy in any areas where it might be lacking.

Contact a Dedicated Agent Today

Get in touch with us at Berks County Insurance if you’re a homeowner in the Reading, PA, area and looking for home insurance. Whether you need to review and update your policy, or you’re searching for a new one, we can help you get the quality coverage and peace of mind you deserve. Our agents are here and ready to help with all your home policy questions and needs.

What’s the Cost Difference between Market Value & Rebuilding Your Home?

Posted on by admin

When people in Reading, PA, secure a mortgage, the lender typically requires them to take out insurance on the loan, rather than the structure itself. What homeowners sometimes do not realize is that insuring their home for fair market value does not necessarily mean they are covered to rebuild. At Berks County Insurance, we work diligently with property owners to ensure they are truly protected in the event of a catastrophe.

What is Market Value?

When you buy a house, you typically pay around market value. You may have to pay a premium or get a deal, depending on the state of the real estate landscape. Market value is an estimate of what your house and land could fetch from buyers at any given time. This figure fluctuates based on supply and demand, location, and other factors.

What is Rebuilding Cost?

The cost of rebuilding a house in Reading, PA, has very little to do with how much buyers would be willing to pay. Instead, reconstruction costs are determined by the price of materials, labor, permits, architectural blueprints, as well as razing and removing any debris from a fire or severe weather event. Like market value, these costs also fluctuate based on inflation, supply, access to labor, and other factors.

If you visit big box outlets that sell lumber, fixtures, and other materials, you may have noticed that the prices have risen in recent years. That means the cost of replacing a house has also increased.

Get Complete Home Rebuilding Insurance Coverage in Reading

Homeowners must speak to an insurance professional and calculate the replacement costs annually. Update your homeowners’ insurance policy to reflect the rising costs. Otherwise, you could find yourself out of pocket if a catastrophe strikes. We encourage Reading, PA, homeowners to contact one of our experts at Berks County Insurance today.