At The Burgess Group, we’ve always believed that being a good neighbor means looking out for the families we serve across state lines. Whether you are living among Ohio’s sweeping fields or anywhere throughout the beautiful mountains of West Virginia, your home is likely your most significant investment. However, a quiet shift in the economy has created a hidden risk for many homeowners in our region: being underinsured due to rising construction costs.
Over the last few years, we have seen a dramatic spike in the price of building materials and labor. From the lumber used for framing to the shingles on your roof, inflation has pushed the cost of rebuilding a home significantly higher than it was just a few years ago. Because we are licensed and active in multiple states, we understand the specific regional trends affecting construction in your neck of the woods. If your policy’s “Replacement Cost” hasn’t been updated recently, there may be a gap between your current coverage limit and what it would actually cost to rebuild your home from the ground up today.
In both Ohio and West Virginia, we are no strangers to unpredictable weather. Whether it’s a heavy winter snow load, a spring windstorm, or an unexpected fire, the last thing you want to worry about during a claim is whether your insurance check will cover the full bill for repairs. While “Market Value” tells you what you could sell your house for, “Replacement Cost” is what matters when the hammers start swinging.
It is also a vital time to remember that standard homeowner’s policies typically do not include coverage for flood insurance. Given the changing weather patterns and the terrain across our multi-state service area, many neighbors are surprised to find they are vulnerable to rising water. Reviewing your replacement cost is the perfect time to also ensure you don’t have a gap in flood protection.
We recommend a quick “insurance check-up” to ensure your peace of mind. Reviewing your policy doesn’t always mean a massive rate hike; often, it’s about making small, smart adjustments to ensure your family is truly protected.
Give us a call or reach out online. No matter which state you call home, we’re here to help you navigate these changes so you can get back to enjoying your life, knowing your home is covered for exactly what it’s worth in today’s world.
