Virginia Beach Homeowners Insurance
Virginia Beach homeowners insurance is one of the wisest precautions you can take. After all, your house is your greatest investment. The weather in the Hampton Roads area is sometimes – dramatic – and structures often bear the brunt of Mother Nature’s wrath.
Your agent at Hampton Roads Insurance Services can help you find the right coverage for your property, whether it’s your home or commercial property. Your insurance agent in Virginia Beach can look at your house or business, and determine the most optimum coverage for you. The plus here is that your agent knows what to look for.
If your home is totaled, you’ll need a complete home rebuild. Your agent with Hampton Roads Insurance Services will look at local construction costs, and the square feet of your house. Figured in, also, will be the construction materials used in the exterior wall. For instance, will the rebuild be brick, stone, or siding? He’ll also figure in the type of roof you’ll have replaced. The style of your home will also be a factor, since different styles are more expensive to produce. For instance, a Victorian home is more complex than a ranch style. Arched windows, garage bays, the number of bathrooms, fireplaces, and exterior trim all figure in with the cost of rebuilding your home.
Your Virginia Beach homeowners insurance will be calculated according to the cost of rebuilding your home at current prices, so that you won’t have a shock at the rebuild. Your agent with Hampton Services will keep in mind updated building codes in your community that may require you change your building materials or design. He will also know whether or not to insure your house for above or below market value. Your house may cost more than current market value to rebuild. Or, it may not cost as much as you could sell the house for.
Lenders Require Insurance
Until you pay off your home loan, the bank actually owns it, and they want it insured. Of course, you get to pay for it, but you need a policy that will cover the bank’s investment in the house.
Additions and Improvements
You’ll need to see your Virginia Beach insurance agent if you make any improvements or build any additions to your home.
Replace Your Belongings
You can even replace your belongings through your Virginia Beach homeowners insurance. There are 2 ways to do this: replacement cost and cash value insurances.
With replacement cost, you’ll be able to replace any personal property that is damaged or ruined, regardless of depreciation. So, if your 4 year old 36” Sony TV is ruined, you get the amount of money it would take to go buy a new 36” Sony TV.
Cash value insurance pays you what your stuff is worth after depreciation is figured. In this case, a 4 year old TV of any kind won’t be worth nearly as much as it takes to buy any kind of replacement.
Your agent with Hampton Roads Insurance Services will advise you on the best course of action, and serves the entire Hampton Road area, including Virginia Beach, Norfolk, and Chesapeake.