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Inflation is an infernal economic infection, especially when it gets too personal with your private bank account. For instance, try to buy a new house today for what it cost only a few years ago. You’ll get an answer just as soon as the laughter subsides. A new spread that was tagged at $20,000 five years ago is unavailable today unless you are willing and able to shell out around $30,000. Why? Because land prices and construction costs have jumped higher than that cow that got curious about the moon. House repair costs, too, have jetted into the wild blue yonder. Today, you pay more and more for less and less when you go shopping for a home.
A good aspirin for those headaches is your homeowners insurance policy.
The amount of relief you get is measured by the coverage you arrange for in your policy. Like this: Suppose when you bought your property, say for $20,000, you took out a policy that insured it for 80 per certt of its value, or $16,000. But today, that same property is worth $30,000. Well, that 80 per cent coverage you had means your $30,000 house actually is insured for only the same old $16,000.
What to do about it? Simple. Just up-date your policy so it will cover 80 per cent of the current val^e, or $24,000. If you discover yow have a hole Tn your sox,’you patch it up. Why not do the same with your homeowners insurance policy?
Talk it over with your insurance agent. Not the matter of a hole in your sox. The hole in your homeowners insurance policy-unless, of course, you have already mended this hole by bringing your policy up to date.
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