Insurance-to-Value: We’re here to help

Insurance-to-Value: We're here to help

Be ready with up-to-date property insurance coverage.

How much would it cost today to repair your home and belongings or rebuild your business, after damage from a fire or a major windstorm? Would your existing property insurance cover you? You need to know and Clark-Mortenson Insurance and Financial Services is here to help. Your property insurance policy is not based on market value (what you could sell your house for) or your city tax assess-ments. It is based upon "replacement cost value" — that is, the estimated cost to rebuild or repair your property and replace lost belongings in the event of a covered loss in today’s dollars. "In the past few years," says Clark-Mortenson President Tom Minkler, "home building costs have risen dramatically, and home improvements have doubled in cost. While many policies may contain an inflation rider that boosts coverage 4 to 6 percent a year, the skyrocketing costs of construction—added to any improvements you make—may leave you underinsured. And, that can put you at serious financial risk."

Some people avoid updating their policies. The New York Times cited an Insurance Information Institute survey that noted, "22 percent of those questioned said they were not updating their policies because they were afraid that their premiums would rise. Another 55 percent said they didn’t realize they needed to, or they didn’t have the time." Failure to act can be a costly decision. If you are not insured for at least 80 percent of the replacement cost value of your home or business, you will only receive a partial payment for the covered loss you incur. Literally, it pays to be ready.

Our ultimate goal is to be sure that you have the coverage you need if you ever experience a loss to your property. We can help assist you in this process. If you think that you may not have enough coverage, or if you have any questions about this program, please call us at 877-352-2121 or e-mail us at We have the tools to work with you to review your protection, make adjustments as needed and assure you are ready for anything that comes your way.