But it was fire, not rain that proved their undoing. Eight months after they bought their house in 2005, it burned to the ground in a fire caused by an electric appliance and they discovered that their policy limits fell at least $250,000 short of what they needed to rebuild their home. Their insurance company told them point blank that they are under insured.
It should be noteworthy to state here that in a 2006 survey by insurance-services firm Marshall & Swift / Boeckh, it was discovered that 58% of homeowners nationwide are under insured, with homeowners covered to rebuild about 80% of their homes.
Most individual efforts to find out the right amounts of insurance coverage for their home, cars, pet, etc is usually a tricky and frustrating venture. Your insurance company or agent may be surprisingly of little help to you and may even steer you in the wrong direction.
It should be noteworthy to state here that in a 2006 survey by insurance-services firm Marshall & Swift / Boeckh, it was discovered that 58% of homeowners nationwide are under insured, with homeowners covered to rebuild about 80% of their homes.
Most individual efforts to find out the right amounts of insurance coverage for their home, cars, pet, etc is usually a tricky and frustrating venture. Your insurance company or agent may be surprisingly of little help to you and may even steer you in the wrong direction.
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