Today, the average home is underinsured by 22%, and many luxury homes are underinsured by 60% or more. Whether you live in a custom-built luxury home or a historic home expertly crafted with hard-to-find materials, you want to know that if your house is damaged, your homeowners insurance policy will pay to have it rebuilt and restored to its original condition.
The New York Times recently tapped Marsh McLennan Agency’s Private Client Services Director Michael Lynch to understand how insurance can help homeowners rebuild after an extreme weather incident.
Michael shared his insights on extended replacement cost policy endorsements as an effective strategy to ensure homeowners aren’t underinsured and are prepared to rebuild in the case of a total loss. “This gives clients an extra buffer,” he said.
Read the full article in The New York Times.
