8114 CORTEZ ROAD WEST -- BRADENTON, FLORIDA 34210

TEL# 941-794-0282 FAX: 941-794-1264

PARRISH TEL# 941-776- 3396

OVER 100 OFFICES THROUGHOUT FLORIDA

HOME INSURANCE - CONTINUED

FIND OUT IF YOU HAVE A REPLACEMENT COST POLICY FOR THE DWELLING. MOST POLICIES THESE DAYS HAVEREPLACEMENT COST FOR STRUCTURAL DAMAGE, BUT ITS WISE TO CHECK WITH YOU INSURANCE AGENT. A REPLACEMENT COST POLICY WILL PAY FOR THE REPAIR OR REPLACEMENT F DAMAGED PROPERTY WITH MATERIALS OF SIMILAR KIND AND QUALITY. THE INSURANCE COMPANY WILL NOT DEDUCT FOR DEPRECIATION; THE DECREASE IN VALUE DUE TO AGE, WEAR AND TEAR AND OTHER FACTORS. WITH OLDER HOMES, IT MAY BE DIFFICULT, BUT USUALLY NOT IMPOSSIBLE TO BUY A REPLACEMENT COST POLICY. INSTEAD YOU MAY BE OFFERED A MODIFIED REPLACEMENT COST POLICY. THIS MEANS THAT INSTEAD OF REPAIRING ORREPLACING FEATURES OF TYPICAL OLDER HOMES, LIKE PLASTER WALLS AND WOODEN FLOORS, WITH SIMILAR MATERIALS, THE POLICY WILL PAY FOR REPAIRS USING STANDARD BUILDING MATERIALS AND CONSTRUCTION TECHNIQUES IN USE TODAY.

BUILDING CODES HAVE CHANGED GREATLY OVER THE PAST 10 YEARS AND ARE LIKELY TO CONTINUE TO BE UPGRADED IN LIGHT OF OUR RECENT HURRICANES. BUILDING CODES REQUIRE STUCTURES TO BE BUILT TO MINIMUM STANDARDS.IF YOUR HOME ISSEVERELY DAMAGED, THERE IS A GOOD CHANCE THAT YOU WOULD HAVE TO REBUILD IT TO COMPLY WITH THE NEW STANDARDS. IN SOME CASES, COMPLYING WITH THE CODE WILL REQUIRE A CHANGE IN DESIGN AND MATERIALS AND MAY COST MORE. YOUR POLICY MAY NOT PAY FOR THIS ADDED EXPENSE, BUT SOME COMPANIES OFFER AN ENDORSEMENT THAT PAYS A SPECIFIED AMOUNT FOR THESE COSTS. ( AN ENDORSEMENT IS IS A FORM ATTACHED TO AN INSURANCE POLICY THAT CHANGES WHAT THE POLICY COVERS)

REMEMBER -- A HOMEOWNERS POLICY DOES NOT COVER FLOOD DAMAGE

SEE FLOOD INSURANCE TAB ON LEFT FOR MORE INFO ON FLOOD POLICIES