Under the endorsements section of your homeowners or landlord policy you’ll typically see a list of available endorsements offered by your insurance carrier. If an endorsement is purchased it’s typically followed by a premium amount.
One endorsement that should be at the top of your list is Extended Replacement Cost Coverage. Wording may vary from carrier to carrier, but the coverage definition remains the same.
This adds additional coverage, usually in extensions of 25% and 50%, to your underlying Coverage A amount. For example, if the coverage on your property is for $200,000 and you’ve selected the 25% extension, then your policy will cover up to $250,000.
Extended Replacement Cost Coverage only applies to Coverage A (dwelling), and not Coverage B (Other Structures) or Coverage C (Personal Property).
Why Is This An Important Coverage?
Think of this as an extra safeguard to make sure you have enough coverage on your property. The best part about the Extended Replacement CostCoverage endorsement is that usually adds a few dollars to the policy.
How Does Insurance Price My Home
One of the biggest questions regarding home insurance centers around the amount of coverage to place on your property. Most homeowners assume the amount of coverage will be equal to the amount they paid for their house.
It’s important to understand the difference between these two methods of valuation:
Market value. This is the price paid for your home. Real estate pricing is based on market value. It’s a method that values property based upon the amount a willing buyer pays to a willing seller.
Replacement cost. The cost it takes to rebuild your house in the same spot, at the same size and with the same quality of construction at today’s costs. Insurance companies use replacement cost, not market value.
A new year and a new decade is here. Can you remember where your life was at the beginning of 2010?
While 2030 may seem a long ways away it’ll be here before you know it. When dealing with housing and property, staying true to your goals over the next decade will make a big difference. Call it the long game, patience, or simply smart.
There’s also maintenance and household projects that will catch your attention.
Perhaps you’re looking into a rental property to provide an extra source of revenue. Places like Blacksburg, Salem, and Roanoke are hot markets for townhouses and single-family rentals. Again, think about the costs associated with renting out and the additional liability exposures.
Even secondary or seasonal homes comes with their own set of tasks.
2020 is the start of a good year, and an even better decade. Take the time to plan out your investments and give yourself time before you make a decision.
Business Insurance for most professional offices such as Accounting and Bookkeeping, Dentists and Doctors, and more, is easy to find with our online rater.
Simply go to our website at DoveInsurance.com and click on Business Insurance. You can get a full quote in just minutes at your own convenience!
Coverage options help you customize for your Building, Business Property, and Liability as well as Loss of Income from Business Interruptions. Workers Compensation is also available and can also be quoted easily.
As always, feel free to contact our office at 540-382-4277 for personalized service. Dove Insurance Agency is pleased to provide Business and Personal Insurance to customers across the entire State of Virginia!
Dove Insurance Agency is family owned and operated; the same way we’ve been for over 50 years!
Let us help with your Home, Auto, Motorcycle, RV, and rental properties today. It’s free to quote and we’ll compare rates with multiples carriers to get you the lowest price without sacrificing your coverage limits.
It’s easy to switch and you’ll get a refund from your prior carrier as they’ll only charge for the number of days the policy was in force.
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And the best part, we’re here for you when needs arise such as policy changes, billing questions, reporting claims, or questions regarding coverage.
Whether you have an existing business or planning to start something new it’s important to include insurance cost in your budget.
The actual cost will depend on the type of business you have and the coverages you need. For example, many trade contractors can purchase a basic General Liability policy for less than $50 per month. However if you have employees, subcontractors, or equipment to insure then the cost may be more.
If you have property or equipment then a Business Owners Policy may be the most appropriate. A Business Owners Policy can be tailored for most Offices, Retailers, Service Providers, and even Restaurants. How much does it cost? It will depend on your business class and activity.
The easiest way to get covered is to fill out an online quote. This will let you quote multiple lines of business instantly. It’s easy and quick!
As always, if you would like to discuss your needs with one of our agents then feel free to call us at 540-382-4277. We serve the entire State of Virginia!
Too often the topic of insurance gets placed solely on price. It’s easy to get a comparative rate, and no, online rates are not definitely cheaper than working with a local agent. But going simply off price and ignoring the lasting partnerships that you can create within your community and you may miss out in the long run.
Many of us support shop local, eat local, and buy local campaigns. So why not choose to place your insurance business local?
For over 50 years Dove Insurance Agency has served the Commonwealth of Virginia as an Independent Agency for Home, Auto, Life, Business, and Recreational insurance. Based in Christiansburg, Va, we’ve built partnerships across Virginia. We’re here for you, let us help.
General Liability is an important Insurance Protection for your Janitorial or Cleaning Business. General Liability Insurance protects you and your business from claims and costs from third party bodily injury or property damage accidents.
It does not cover damages to your own property or injury to your employees. Separate coverages are available for those exposures.
Cold weather can wreak havoc on the roads. While snow and ice are visible signs that we can watch for when we drive, but other signs aren’t so easy to see but can be equally dangerous. At Dove Insurance Agency, the agents offer advice to their clients in Blacksburg, VA when it comes to staying safe on the roads during the winter months.
Bridges Freeze Faster Than Roadways
Because air is continuously flowing above and below bridges, their surfaces tend to freeze over faster. This can mean slick spots that will send you spinning out of control if you hit them too fast. Slow down when approaching a bridge if the temps are below freezing.
Black Ice is Invisible
Black ice can be found anywhere on the road where moisture collects. Once the water freezes, it blends in with the surface of the road and is difficult to see. Always drive carefully and be aware of the road conditions. If temps are below freezing, drive as carefully as possible.
Allow Your Car Time to Warm Up Before Leaving
Driving your car while the engine is still cold can increase wear and tear. Start your vehicle and allow it to warm up for a few minutes before leaving. This gives the oil enough time to warm up and coat all the parts before you put a load on the engine.
The agents at Dove Insurance Agency offers assistance to their clients who live in Blacksburg, VA and want to know more about safe driving and weather conditions. If you want to learn more, call our office today!
If you’re purchasing a new home in Virginia or simply looking for a better rate then contact our family of Independent Agents today. We can coordinate around your closing and will compare rates to help find you the best combination of price and coverage.
We represent multiple insurance providers, instead of working for one company.
One item to consider when purchasing a homeowners policy is selecting the policy deductible. Remember, this is the amount you’ll pay out of pocket before your policy coverage begins.
In Virginia, homeowners insurance is available with deductibles starting a $500 or $1000.
Why is this important?
Because many carriers are increasing their minimum policy deductible to $2,000 and sometimes percent deductibles! That means more money out of your pocket before your policy will cover a property loss.
So talk with our family of Independent Agents today or start an online quote and discover everything we can do for you.