Better Deals on Home Insurance in Moss Bluff – One Call or Click Away!
When you need better options on car, business, life, or home insurance in Moss Bluff Louisiana or the surrounding areas Jeff Davis Insurance is a name you can trust.
Why Trust Jeff Davis Insurance?
As a leading independent agency we can help you shop the market to find better options on price and coverage.
During normal business hours you can call 337-824-4455 to speak with one of our licensed agents or click on the links below to receive online rate quotes 24 hours per day for the insurance product you need:
- Moss Bluff Louisiana Home Insurance
- Car Insurance Moss Bluff Louisiana
- Renters Insurance Moss Bluff Louisiana
- Landlord Insurance Moss Bluff Louisiana
The Difference Between Market Value Coverage & Replacement Cost Coverage Explained!
A question we respond to on a regular basis is why do I have to buy more coverage than what my house is worth?
The simple answer is that it cost more money to rebuild or repair something today compared to a home built, 10, 20, or 30 years ago or longer in both materials and labor.
Let’s revisit a claim scenario we began last week when Nelly ignored the good advice from a reputable agency and bought coverage at market value.
Huge Mistake Made When One Policyholder Insured Home at Market Value.
Nelly Know It All bought a new home that she moved into last year and she was able to negotiate a tremendous deal.
She paid $90,000 for a house that was worth $160,000!
Despite her massive savings Nelly is a bit of a tightwad and didn’t see why it is necessary to purchase $245,000 of home insurance coverage versus the market value of $160,000. She finds an agent willing to insure her newly acquired home at market value and disaster strikes!
Six months later her home burned down and it was a total loss!
Claim Scenario Part Two: A claims adjuster meets Nelly the next day and provides her a check for emergency funds and after briefly reviewing the coverage with her explains there may be a problem with the coverage amount she purchased.
Nelly instantly recalls the conversation she had with one particular agent emphasizing the need to purchase at least $245,000 of home insurance.
“What are my options?” Nelly asks with much trepidation in her voice.
“Nelly I really feel bad you lost your home but our policy limits you to the amount of coverage you purchased, so all you have available is up to your policy limit, and I’m afraid that will not be enough to rebuild your home.”
The claim adjustor shows Nelly a copy of her insuring agreement where it states:
Loss Settlement. Covered property losses are settled as follows: We will pay the full cost of repair or replacement, but not exceeding the smallest of the following amounts:
(a) The limit of liability under the policy applying to Coverage A or B;
Nelly is dumbfounded and doesn’t know what to do.
Home Insurance Moss Bluff – Insure Your Home for Replacement Cost, Not Market Value.
It’s usually never a good idea to insure your home at market value versus the replacement cost, especially if you want to rebuild your home after a loss.
Additionally some insurance companies may place a built-in penalty within the home insurance policy if you under insure your home for partial losses. If your home is underinsured the company may only reimburse you based on the depreciated value of the loss versus replacement cost.
This can be a sizable penalty.
Do You Want Better Options for Insurance in Moss Bluff Louisiana?
Contact the Jeff Davis Insurance Agency by dialing 337-824-4455 to speak with one of our representatives or click any of the links below to receive online rate quotes 24 hours per day for the insurance product you need: