Allied Insurance just rolled out Advanced Home Protection coverage in Missouri. Many insurers offer some sort of extended coverage on the dwelling. Allied’s new endorsement offers uncapped dwelling replacement giving you the ultimate peace of mind. Additionally, the endorsement includes mortgage protection coverage so if you have to rebuild your home and get a new mortgage, it will cover some of those increased costs. Finally, it includes equipment breakdown coverage for some of your major equipment like your furnace and air conditioner should they break down.
One of the biggest misunderstandings about homeowners insurance is how to insure the home. Many homeowners and even some agents incorrectly believe that home premiums mimic property values and should be insured for the property value. Generally speaking, there’s no relation. Your home should be insured to be rebuilt and remove debris at today’s construction costs. If you built your home 10 or 20 years ago, the cost to build the same home today is more and likely significantly more due to inflation. It’s important to have an agent that doesn’t take any shortcuts so you’ll have the coverage you need when you need it.