Your home is insured for its replacement cost, are you? | Spencer Insurance Agency, Inc

Your home is insured for its replacement cost, are you?

Tip of the Month
Charles J. Spencer, CLU

Your home is insured for its replacement cost, are you?

When we are discussing homeowner’s insurance we talk about the replacement cost of your home.  The replacement cost of your home is the amount of money you will need to rebuild your home if it was totally destroyed.  You insure it for that amount because you don’t want to lose one of your largest assets, your home.

Can you answer this question?  What is your Replacement Cost?  No, not your home’s replacement cost but YOUR replacement cost.  What will it take to replace your income if you die or become disabled?

The chance of a house fire is 2 in 100.  The chance that you will become disabled is 12 in 200.  The chance of you needing assisted living is one in two and the chance that you will die is 100%.

Think about that: We all insure our homes for replacement value, but do you insure yourself for your replacement value?  You buy medical insurance so your doctor and hospital get paid if you are sick or injured.  Do you buy insurance so your family will continue to receive your income if you are sick, injured, or deceased?

Your future income is your family’s largest asset.  But most often people insure it for just a fraction of its true value or not at all.  We can sit down with you and do a simple review of your replacement value.  Make sure your family is properly protected.

Don’t wait! Don’t ask yourself “How much Life Insurance do I need now?  Remember the death rate is still 100 %.  It is not a matter of “If” I will die, but “When” I will die!  Ask yourself “When I die how will my family survive without my income?”  Then call us so we can sit down and see how much life insurance your family needs you to have when you die.

Even if you have some life insurance, let us review it with you.  We may find out that the beneficiary is not the person you intended or that you can purchase more protection for the price you are paying now.

Make this commitment to your family, “I will review my life insurance needs NOW!”  Nobody wants to buy life insurance, but most of us want our families to continue to receive our income if we die.  Call us today so we can make that happen.

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