Home Insurance
We know your home is one of your largest investments and keeps you and your loved ones safe. Make sure your homeowners insurance protects your investment and covers all of the things that are most valuable to you. We offer multiple carriers and the coverage from each can be very different. We will take a close look at your situation to ensure your home has coverage that best meets your needs. Our policies cover primary residences and vacation homes, as well as the possessions inside them.
Your policy will also provide liability coverage in case someone should become accidentally injured in your home. If the unexpected strikes, service and responsiveness become as important as the dollar value of your coverage. Having an RNI Financial agent means you’ll have a team working with you. You will have a personal advocate to walk you through the claims process when you need it. In addition to your traditional homeowner’s insurance, you may also want to consider Special Personal Property coverage and Identity Theft coverage, as well as:
Replacement Cost Coverage
Your home may be one of the largest investments you ever make. Your insurance agent’s understanding replacement cost value vs. market value is important in determining how much coverage you need. RNI Financial recommends that you insure your home for an amount equal to its estimated replacement cost value. It is important to have enough coverage to account for the unforeseen. You want to be able to replace your home even if your entire area has suffered a catastrophe and the costs of labor and materials has drastically increased.
Back‐up Sewer and Drain Coverage
No one wants to come home and discover sewage seeping into your basement or find a toilet overflowing due to a broken sewer line. You have the option to add coverage for Back-up Sewer and Drain to your homeowners insurance to cover this type of costly damage. This endorsement covers losses caused by the back-up of water or waterborne material through a sewer or drain and overflows from a sump or drain.
What is Replacement Cost vs. Market Value?
The market value is the amount a buyer would pay for your home. The market value of your home is impacted by the local housing market, housing shortages, and the number of new homes being built near you, as well as things like the school district in which you are located and your proximity to public transportation, shopping and other conveniences. Market values fluctuate constantly and are not often a reliable source for determining the correct amount of insurance for a home.
Replacement cost is the total cost to rebuild or repair your entire home. The cost to replace your home includes the expense and availability of labor and materials, fuel costs and the special characteristics within your home. Another significant element of replacement cost valuation is the cost of demolition and debris removal of the old house. In most cases, the cost to rebuild your home is higher than what you paid for your home or the market value.