Lana Insurance Center Inc

1259 South Broad St
Wallingford, CT 06492

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What Happens If You Don’t Have Enough Home Insurance To Cover The Current Value Of Your Home?

Home insurance is designed to offer protection from a variety of threats and risks throughout owning a home. That is why it is important to have enough home coverage to ensure there aren’t gaps in coverage that can cause huge out of pocket expenses. Anyone who is considering increasing their home insurance or purchasing a new policy should evaluate the current value of the home and make sure that the policy value is for the same or just over the current value. 

What Happens When There Isn’t Enough Home Coverage?

Not having the right amount of home insurance can prove to be disastrous. In cases where there is a total loss to the home, and the amount of coverage is less than the current value of the house, the homeowner will have to pay out of pocket to cover the remaining cost to replace the home or purchase a new property. When purchasing insurance, you may choose to buy a policy that will pay the value of the house at the time of the policy agreement. If that is the case, there may need to be an increase in the amount of coverage if the property values increase. Other types of home insurance offer replacement cost value to reflect the current price of materials and labor to repair or replace a covered home. 

Finding The Right Policy

People who are shopping for a home Insurance policy should seek the assistance of a professional, licensed insurance agent so they can get the right type of coverage. Residents living in the Wallingford, CT area can count on the agents of Lana Insurance Center Inc. to guide them in the right direction and offer sensible options that prevent gaps in coverage. 

Don’t take chances with home insurance coverage. Having gaps and inadequate coverage can spell financial ruin in some cases. Call or stop by the office of Lana Insurance Center Inc. to find out why Wallingford, CT residents can feel confident about their level of home insurance coverage. 

Our Partners
  • Guard
  • Liberty Mutual
  • Metlife
  • Nationwide
  • Progressive
  • State Auto
  • Travelers