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The two main factors in determining how much coverage you will require generally include your dwelling coverage limits and personal possession limits. As a general rule, your dwelling coverage limits should always equal the full cost of replacing and refurnishing your home in the same location at today’s construction and labor costs.   

In the event of a total loss, it is important your home is adequately insured and can be rebuilt to its previous state.  We have all witnessed the fluctuation of property values and construction costs throughout the State of Florida in years past; therefore, it is important that our customers understand the difference between basing coverage on replacement cost and not market value. Market value figures are derived from the price someone is willing to pay for a particular property in today's market, while replacement cost figures are based on the actual material and skilled labor cost associated with replacing or rebuilding the same property.  

If you would like to read more on this topic, please CLICK HERE to read the entire article written by Clint B. Strauch, CIC, President of Edison Insurance Company and published in the most recent edition of Rough Notes Magazine.