As most are aware a lot of home owners along the coast were hit with staggering increases to the premiums of their Home owners insurance coverage.
I did some research and wound up signing up with a National brand Insurance company, which gave me lower rates than the proposed increase on my old policy.
Along with a better rate, I also received a lowering of my deductible, an increase in the insured value and, this is what really surprized me:
There was a clause in the policy that should the damage to my property occur due to a catastrophic event such as a hurricane, I would be compensated at a rate 15% greater than the replacement value of my home.
The reasoning was, that after a catastrophic event, the price of materials and labor increase due to the shortage of both.
Something my old policy did not contain. Does yours?