What Every Homeowner Should Know Before Making Renovations

(StatePoint) Your home is likely your most valuable asset, and you want to make sure you protect it with the right insurance. Did you know the cost to replace your home could be much more than it cost to build—and you could be on the hook for the difference?

Whether it would cost more to replace because you’ve made major upgrades that increased the value of your home or simply because the price of building materials and labor has increased, you’ll need to come up with the additional funds or find ways to reduce costs. That’s why guaranteed replacement cost coverage, offered by insurers like Erie Insurance, is so important. If you experience a total loss of your home, this coverage allows you to rebuild it back to its previous size and specifications at today’s cost, subject to certain conditions.

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