Why You Should Add Building Code Coverage to Your Homeowners Insurance Policy
Buying a house is one of the biggest investments the average person will make in their life, and having homeowner’s insurance will help protect their home and personal property. This is why it is so important to fully understand what is covered under your policy and what you can do to maximize your insurance so that in an event your home is damaged, your out-of-pocket expenses can be minimal.
What are building codes?
Building codes are regulations, which vary from city to city, that set minimum requirements for how structural systems, heating, plumbing, HVAC, and other aspects of residential buildings should be designed and constructed. Building codes are generally updated every three to six years – meaning your home could not be up to building code standard before you even know it!
In the aftermath of a major property loss, home owners that are attempting to rebuild are oftentimes faced with additional costs of complying with current building codes – especially if the home is older. Since most home owner insurance coverage is based on either the replacement cost or actual cash value (ACV) of pre-damaged property – these particular upgrades and associated costs would not be included in standard coverage. Which is why, one of the best ways to optimize your home owner’s insurance is to add building code coverage – an optional add on that does not come with your standard policy.
Reasons why you should add building code coverage:
1. Peace of mind
Knowing that in the event your home needs repairs and upgrades to meet building codes, you are financially protected is how you are able to enjoy your home and not worry about potential financial burdens due to unexpected expenses.
2. Cost Coverage
In the event of any covered peril, such as hail storms, wind damage, or fire, you would need to contact a contracting company in order to begin the rebuild process. Once the storm damage repair contractors evaluate your home, they will give you a scope of work and this is where additional damage might be discovered that would need to be brought up to code. This will cause additional expenses that would be covered if you have building code insurance.
3. Compliance with Regulations
Since building codes are constantly evolving to ensure safety and efficiency in construction, having the building code coverage you can make sure that your home meets the standards. This is particularly important if your city requires home repairs to align with modern building codes.
If your insurance company currently does not cover building code coverage, shopping around and speaking to multiple home insurance providers will allow you to find the most suitable deal for your needs. On the other hand, if you are a first-time home buyer and just now obtaining home insurance quotes, make sure that they include the building code coverage as well to get the most accurate pricing.
Naperville Roofing and Construction is one of the best storm damage repair contractors in the Naperville and surrounding areas. Not only do we help rebuild your home in the event a damage occurs but we also work with one of the best public adjusters. A public adjuster is a licensed insurance professional who represents the policyholder on their claim – meaning they work with the home owner’s best interest in mind, in order to get the best settlement possible. If you are in the process of an insurance claim or think of starting one, don’t hesitate to contact us and get a FREE quote today!