Why Do They Keep Increasing The Amount Of Insurance On My House?

Every day people ask us why their insurance company increases the amount of coverage on their house when it would not sell for that much. The short answer is that the cost of building materials are increasing every day and since your insurance should be enough to rebuild your house with “Like kind and quality”, these increases are needed to keep you properly protected. The “Market Value” of your house has nothing to do with the amount of insurance you need to carry.  Some find this hard to understand but it realy is in your best interest to have proper coverage on your single biggest asset.  Here is what the government says about what has happended to building materials in recent years http://www.dcd.com/pdf_files/1201trends.pdf

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    About Bob Slocum
    Bob is a life long resident of Warwick, Rhode Island where he attended public school graduating in 1972 from Warwick Veterans Memorial High School. He began his insurance career at the age of 16 while he was still in high school and he became one of the youngest licensed insurance agents at the age of 18. Bob worked at the Slocum Insurance Agency while he attended the University of Rhode Island and he graduated in 1975 with a BSBA degree with a major in Finance & Insurance. In 1978 he received the insurance industry’s highest professional designation, Chartered Property Casualty Underwriter (CPCU) and in that same year he received the Certified Insurance Counselor (CIC) designation. View Robert Slocum’s LinkedIn Profile

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