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If you matched your property’s insured value to today’s real estate value, you will be underinsured. If you matched your insured value to real estate value before the housing bubble burst, you would have been overinsured. Yes, it’s really that simple. And yet…..people are confused by the difference between appraised value, insured value and real estate value. The wider the gap between those three numbers the greater the confusion. So, let’s start at the beginning.
What is Building Ordinance or Law coverage – and do I need it? A Connecticut transplant asked that question last week as he was about to close on a newly-built home in Florida. He was looking over his homeowners insurance policy and wanted to understand the terminology. After complimenting him on taking the time to actually read through the policy (which everyone should do), we talked about this coverage which pays for the increased repair costs to meet building codes in force at the time of construction.