• Arizona
  • Thursday , Feb 1 , 2018

Area Info

2 minutes reading time (471 words)

Inflation causing some Arizona homeowners to be underinsured

uninsured-stv

With the threat of wildfires across Arizona, it is time to check your homeowner's insurance policy. The cost to rebuild after a disaster is rising, and because of the pace of inflation, many homeowners may not realize they are underinsured.

Lisa Cooper was forced to rebuild her childhood home in Phoenix after a devastating fire. "Someone was pounding on my door," she recalled. "I opened the door and my neighbor said, 'Your house is on fire!' And I'm like, 'What are you talking about?' And she said, 'Lisa, your house is on fire. Get your mom out.'"

Cooper and her elderly mother escaped to safety. "I looked back, and the house was engulfed in flames. I just couldn't believe it," she said. The flames claimed so much. "The next thing I know, the fire crew calls me back over and says, 'Lisa, we need to call a board-up company; who do you want to use?' I had never heard that term before," Cooper said. It was the beginning of a daunting process to return home that spanned 1,018 days and three separate contractors. There were project delays because of COVID-19, and supply chain issues made the house more expensive to rebuild. Cooper says she spent $25,000 out of her own pocket because she was underinsured.

"I think most people are underinsured," said Pam Johnson, a State Farm insurance agent. "As prices go up for lumber, concrete, even the price of labor, all of that goes into rebuilding your house, so if you are underinsured, we may not have enough money to put your house back."

To make sure you are properly insured, you must determine what it would cost to replace your house. "I think a lot of people are looking online, hey, the value of my home is this, or the neighbor sold it for that, but that includes the land. It also includes curb appeal, so when you look at your insurance policy, that coverage is probably going to be slightly lower," Johnson said. "We use the square footage. We use the features that are in the house, whether the ceilings are vaulted or not, whether there are beams. We get very detailed."

Lisa was able to salvage some of her belongings. Even a piece of wood that was part of the original house is displayed in her new home. "I wish now that I had understood my insurance coverage better," she said. "You think you don't have time, but you have to take the time, especially nowadays because everything is so expensive."

It's important to take an inventory of your home so you know what you had in case you need to make a claim. Open up drawers and closets and take videos of everything.


Interested in an insurance review?  Contact one of our local insurance agencies here.

Font size: +
×
Stay Informed

When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.

Influence Your Tax Bill or Refund Next Tax Season ...
Letter to the Editor: Cavanaugh Corruption
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Monday, 04 July 2022

Captcha Image

Stay Connected

San Tan Leads

San Tan Leads

San Tan Valley, Pinal County
Rural Metro Fire

Rural Metro Fire

San Tan Valley, Pinal County
No More Stink

No More Stink

San Tan Valley, Pinal County
Leading Edge Academy

Leading Edge Academy

San Tan Valley, Pinal County
East Valley Home Checks

East Valley Home Checks

San Tan Valley, Pinal County
J.M. Kuhstoss Remodeling Pros

J.M. Kuhstoss Remodeling Pros

San Tan Valley, Pinal County
MyBizNow LLC

MyBizNow LLC

San Tan Valley, Pinal County
Champion Charter School

Champion Charter School

San Tan Valley, Pinal County

Daily News

Wait a minute, while we are rendering the calendar

Upcoming Events

5 Jul
San Tan Seniors: Game Day
07.05.2022 2:00 pm - 4:00 pm

Why should kids have all the fun? Join us to play all sorts of card and board games, and maybe even win some prizes in Bingo.

5 Jul
Tabletop 2 T.V.
07.05.2022 4:00 pm - 5:30 pm

Teens and tweens are welcome to come play games and...

Read more

6 Jul
Preschool Tiny Tales
07.06.2022 10:00 am - 10:30 am

Stories, songs, puppets and finger plays just...

Read more

6 Jul
Campfire Tales
07.06.2022 6:30 pm - 7:30 pm

Kids ages 8-12 are invited to sit by the campfire and hear some fun, but spooky stories, roast some marshmallows and play a game.

7 Jul
Yarn Crafters
07.07.2022 10:00 am - 12:00 pm

Meet other creative enthusiasts of yarn and threadcrafts, including knitting, crochet, embroidery and weaving.

7 Jul
Advocate Community Teens (A.C.T.)
07.07.2022 4:00 pm - 5:30 pm

The San Tan Valley Teen Volunteer Group Meeting. Have...

Read more

8 Jul
Fun Van supported by First Things First
07.08.2022 9:00 am - 12:30 pm

Combined parenting education and preschool program for parents and caregivers with children ages 0-5.

Registration required https://www.ajpl.org/funvan/registration/

There are 2 sessions:  9am-10:30am and 11am-12:30pm

8 Jul
Teens - Sun Not Included
07.08.2022 3:00 pm - 4:30 pm

Game day for tweens and teens

Activities, games and more that...

Read more

Partners

Advertise your business to hundreds of thousands of potential customers, while supporting your local news resource at the same time. Our Partners help us provide you with services and information to help keep you informed.

Become A Partner

Follow Us

0
Our San Tan Valley Community Keeps Growing!

San Tan Valley News

FOUND: Kurt "JR" Holbrook…

Jul 01, 2022 Hits:1523

UPDATED: What's Building ....

Jul 01, 2022 Hits:704379

About SanTanValley.com

About SanTanValley.com

Search