Insurance to Value Review

2020 set a new annual record of 22 weather and climate events in the US, compared to the previous record of 15 events. We have seen a substantial increase in the frequency of catastrophes across the country, causing an influx of property rebuilds and thus the demand for the necessary materials. The cost of construction has seen an upsurge over the past few years, partially due to the pandemic. Within the last year alone, building material costs have risen by 40-80% and construction projects are taking longer than ever due to the lack of skilled laborers. Extended project timelines are contributing to the increased cost of projects and construction companies are struggling to complete builds in a timely and cost-efficient manner.
Accurate property valuation continues to be an issue in the insurance industry as insurance companies struggle to keep up with these changing costs of building materials. As replacement costs continue to rise, it may be beneficial to you, as the insured, to review your policy and set up an appointment with your agent to insure your homes and outbuildings are correctly valued and insured with the appropriate limits. An accurate property valuation can be beneficial should a loss occur. If a loss occurs, this valuation can directly impact whether buildings will be covered at replacement cost or at a depreciated value.

Did you Know?

We offer a wide variety of insurance products to include Home, Auto, Life, Annuities, Motorcycle, RV, ATV, Boat, Small Business, Rental, Umbrella, and Equine Mortality/Major Medical coverage.
Galvin Agency is here to help you with insurance questions, needs, and claims. We are here to assist you and our job is to make sure you feel protected and knowledgeable. Thank you for your business and we look forward to talking with you soon!

No person associated with this news letter receives any form of compensation for any products mentioned, nor should any mention of a particular product be considered an endorsement of that product. This newsletter is for informational purposes only and should not be considered authoritative on any topic. Please seek advice from an appropriate professional on any specific issue.

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