For many people, their home is their greatest asset, yet studies show that 59% of today’s homes are underinsured. Homeowners should update their insurance regularly to include improvements, major purchases and increased rebuilding costs, according to the Insurance Information Institute (III). “A major home alteration or addition, even a lifestyle change such as marriage, or a family member moving in (along with his or her belongings), should trigger a call to your insurance company.” -Jeanne Salvatore, Senior Vice President and Consumer Spokesperson for the III. The cost of building or repairing a home has increased dramatically in recent years. According to the U.S. Census Bureau, homeowners spent over $359 billion on additions, alterations, maintenance and repairs from 2009-2011, up from $201 billion in 2004. Materials like lumber, cement, gypsum and structural steel products have become more scarce, not only because of the devastation from recent storms and disasters, but also because of increased global demand.
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