Page 34 - BusinessWest January 24, 2022

What’s Covered?
Homeowners Insurance Isn’t a One-size-fits-all Proposition
By Mark Morris
When preparing a homeowners policy, insurance companies want to know all the details. They’re not being nosy — they just want to accurately cover any potential loss, even the unexpected ones.
“Customers ask us why their policies increase each year, and the answer is the inflation guard, which keeps the policy in line with current construction costs.”
Indeed, insurance agents who spoke with BusinessWest said every homeowners policy begins with a worksheet that captures anything and everything about the home. Inquiries range from the obvious — like the age of the house, square footage, and condition of the roof — to details about the kitchen counters (formica or granite?), whether rooms feature hardwood floors or carpeting, as well as many other questions.
“We ask for lots of details so we can get a true estimate of the home to properly gauge the replacement value,” said Trish Vassallo, direc- tor of Operations for Encharter Insurance in
Michael Long says inflation in the cost of construction materials is complicating the equation of replacement protection.
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34 JANUARY 24, 2022
INSURANCE
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