Review Your Home Insurance Coverage Yearly
Illinois Offers Unique Home Insurance Options to its Residents
When a disaster strikes, like a fire, your homeowner's policy provides support to rebuild or repair your home. If you have an “actual cash value” policy, you are entitled to the amount of money it will take to restore your home or its contents to a pre-fire market value. If you have “replacement cost” coverage, then you are entitled to the cost that it would take to replace your home or its contents, up to a limit that is specified in your policy.
Illinois is a state that offers its property owners who have experienced fire damage in Douglas or other communities, an extended coverage called “guaranteed replacement” coverage. Guaranteed replacement coverage states that if the damage exceeds the limits on your policy, the insurance company is required to fully replace or rebuild your property without any deduction for depreciation.
Replacement coverage in your policy offers other benefits. For instance, if you want to rebuild your home in a different location, you can do so. However, the small print states that if you move to a location where it will cost you more to build, you will pay the difference. Another benefit involves your use of the money for something else. If you want to use your replacement insurance money to start a business, your policy will change to an “actual cash value” policy which means that you will get about 15% less.
For either type of coverage, you will need an estimate of the prior market value or what it will cost to replace your damaged area or items. Your insurance company will offer its own estimates based on their adjusters. If you feel their numbers are too low, hire your own independent adjuster. Also, choose SERVPRO who is experienced in restoration and repair of buildings, as well as with claim insurance paperwork.
Fire disasters also involve water damage, smoke and soot damage and possibly mold growth. SERVPRO of Hyde Park / E. Bridgeport / Bronzeville has professional technicians who specialize in fire and water damage restoration. As a leader in the restoration industry, we use specialized equipment, and we have specific IICRC training and certifications, that allow us to restore your home to a pre-fire condition.
Restorations from fire, water, mold or storm disasters are the cornerstone of our business. We are locally owned and operated with 24-hour damage relief services. Call us before something happens to your property and let us explain our services. In this way, if a disaster occurs, you will know who to call – (312) 509-5000.