150% Home Owner Insurance Coverage

150% Home Owner Insurance Coverage

150% Home Owner Insurance Coverage is about how this Architect firm discovered a valuable bonus coverage most homeowners should be able to obtain for their home insurance policies.

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This firm usually posts online articles about great design, aesthetics, materials, details, construction and similar features.  This time, this company found out about a little-known insurance rider coverage that just may save your financial future should your house suffer catastrophic damages.


Here’s how this came about:
1.  The Architect emailed his insurance broker and asked to verify what the coverage amount was on his house.
2.  The insurance agent asked how much coverage was desired.
3.  The Architect said the figure he felt was appropriate and in line with what local Contractors were now charging to build similar construction in the area.
4.  The insurance agent said the insurer would want to send a so-called “Inspector” to determine today’s value.  The Architect said okay.
5.  A month later, an “Inspector” appeared and toured the house, with the Architect explaining all the value-added features.  Note: this “Inspector” was not employed in the design or construction industry, had no construction experience and was essentially a clerical person employed by the insurance industry.
6.  A month after this, the insurance broker said the “Inspector” had done nothing to indicate that the home was worth more.
7.  The Architect, knowing that construction prices had risen a great deal since the last valuation, asked the broker what could be done, because if lightning or a hurricane or other calamity struck and totally destroyed the house, the current insurance valuation would Not cover the cost to rebuild, using Contractors in the area.  Dilemma.
8.  The insurance broker said: “Oh!  We can attach a rider to your policy for a mere $42/year that ADDS another 50% of the value of your current policy, effectively providing you with 150% coverage value, based on actual costs to rebuild your house using the same or nearly identical materials and methods.”
9.  The Architect was astounded.  “YES!  I want that.”
10.  The rider came in the mail, with the bill for another $42.  The Architect paid it.  His house is now insured for another 50% MORE than the main policy allows.  Problem solved.


The Architect wonders how many other homeowners, during this current construction boom, with its very high construction prices is adequately covered for a catastrophic loss of their house?  We’re thinking: not many.  Therefore, the Architect wrote this online article.

What’s this added coverage called?  That may be different with different insurers.  But with this policy, it is called:
(then the name of the state where the home is located).
This particular rider is worded, starting with:
“We will provide an additional amount of insurance, up to 50% of the Coverage A limit of liability, and…(then there’s discussion of the coverage in more detail).  On your policy, COVERAGE A – DWELLING should indicate a large dollar value, typically in the hundreds of thousands of dollars, or millions, depending on your house.  This rider ADDS up to another 50% to that coverage, based on actual costs you incur to rebuild your house.  HIGHLY RECOMMENDED.