The Ohio Department of Insurance
Ohio Department of Insurance director Judith L. French is urging Ohioans to review their homeowners insurance coverage amounts and features. With most home valuations having increased and building materials and labor costs high, homeowners could be underinsured leaving them responsible to pay potentially significant repair and rebuild expenses out of pocket.
A national APCIA/Harris Poll survey indicates that a majority of homeowners across the country have not taken steps to ensure their insurance coverage is keeping pace.
“Along with conducting an annual insurance review with an insurance agent, changes in the marketplace can be reasons to adjust your insurance protections,” French said. “Examine coverage amounts and policy features while weighing the premium cost and the out-of-pocket financial risk.”
Many insurers offer an included “extended replacement cost” benefit with your home insurance policy, but even that extra coverage could fall short with drastic rises in materials and labor. Review the full press prelease from the Ohio Department of Insurance here.