[Maple Leaf]

Covington is an excellent firm and undoubtedly will have a useful webinar. I’m not a coverage specialist, but one point to note is that a lot of people are underinsured. In many cases, neither the insurer nor the broker is really to blame for that. Both the insurer and the broker tend to have an incentive to sell more insurance than less. But the economics of insuring high risk areas can pervert incentives. And there are instances where the insurer or broker is just negligent in appraising the property. When I got my mortgage and insurance policy, the appraiser spent no more than 15 minutes looking at my house, and if that’s the norm, mistakes can easily happen.

i

I will add if your house or any other structure has unique features most appraisers will mis them, especially if is not something they can physically see.  For example if there is a in-floor radiant heating system, foundation sized for 2nd story addition, selected finishes beyond the norm like terrazzo flooring, custom made cabinets with specific features especially if designed for someone with physical disabilities.  Be sure to have such items listed in the policy.  If offered I would recommend taking rider which includes reconstruction per the CURRENT building code and not replacement in kind of the original structure.

[Maple Leaf]

Covington is an excellent firm and undoubtedly will have a useful webinar. I’m not a coverage specialist, but one point to note is that a lot of people are underinsured. In many cases, neither the insurer nor the broker is really to blame for that. Both the insurer and the broker tend to have an incentive to sell more insurance than less. But the economics of insuring high risk areas can pervert incentives. And there are instances where the insurer or broker is just negligent in appraising the property. When I got my mortgage and insurance policy, the appraiser spent no more than 15 minutes looking at my house, and if that’s the norm, mistakes can easily happen.

i

I will add if your house or any other structure has unique features most appraisers will mis them, especially if is not something they can physically see.  For example if there is a in-floor radiant heating system, foundation sized for 2nd story addition, selected finishes beyond the norm like terrazzo flooring, custom made cabinets with specific features especially if designed for someone with physical disabilities.  Be sure to have such items listed in the policy.  If offered I would recommend taking rider which includes reconstruction per the CURRENT building code and not replacement in kind of the original structure.