Over 500,000 U.S. homes are damaged yearly, but only 30% of homeowners have enough insurance to rebuild. Most miss coverage gaps because reconstruction costs exceed the original price due to labor and materials, and they skip policy updates after renovations like kitchen upgrades or additions.
Chapters
Every year, more than 500,000 homes right here in the U.S. are damaged or destroyed by fire, hurricane, tornado, flood, or earthquake. But only 3 out of 10 homeowners have enough insurance coverage to rebuild their home and replace their possessions, which means that every year 350,000 homeowners discover that their insurance doesn't pay for all their losses and that it will cost them tens or even even hundreds of thousands of dollars. There are two reasons for this. One, the cost to rebuild or repair a house will almost always exceed its original construction value due to the higher cost of labor and materials, as well as changes in building code requirements. And two, most homeowners fail to update their coverage after making home improvements like room additions, custom kitchens, appliance upgrades, landscaping, and remodeled bathrooms, or purchasing