CO-INSURANCE
CO-INSURANCE COMPLIANCE
Don ’ t Wait To Check Your Building Valuation !
While much of the world may have seemed as though it was on pause during the past year , one thing that ’ s constantly changing is the cost to replace your business property in the event of a substantial loss . Has the recent spike in the cost of construction inadvertently compromised your policy ? Even if you had the perfect policy a couple years ago , you may lack the coverage to pay an entire claim today .
The cost of building materials continually increases , and so do labor wage rates . To Be Sure you ’ re properly protected , you need to be “ Insured to Value ” in your commercial insurance .
NOT TOO MUCH . NOT TOO LITTLE .
Being insured to value means the amount of coverage on your property approximates its actual replacement cost , not its current market value .
If your coverage does not meet the threshold assumed in the policy , you are underinsured and may be subject to a co-insurance penalty , and your policy may not pay enough to repair or replace your property in the event of a covered loss .
THE COST OF BUILDING MATERIALS CONTINUALLY INCREASES , AND SO DO LABOR WAGE RATES . TO BE SURE YOU ’ RE PROPERLY PROTECTED , YOU NEED TO BE “ INSURED TO VALUE ” IN YOUR COMMERCIAL INSURANCE .
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