Obtaining an accurate insurance-to-value is a critical and sought after metric for many property insurers. We're happy to report that our trusted partner, MiddleOak Insurance (r) has GREAT results in this area.
Why is this tricky? The insurance-to-value must take into consideration the cost to rebuild that building. The cost of labor & material is constantly in flux, and the work involved at determining these values must take many factors into consideration. MiddleOak recently took a random selection of 35 claims that were total losses were examined:
- The total insurance limits on these 35 buildings was $87,935,065
- The total paid by MiddleOak to rebuild all 35 was $89,253,279!
What do those numbers mean? MiddleOak was insured 99% to the correct value!
Homeowners must be sure that their home insurance policy has their property insured to the proper value. One way is by consulting with an independent insurance agency who has access to multiple carriers. A good insurance agency will be able to help you find the carrier that is best suited for your particular property. As an example, not every agent in Massachusetts and the surrounding area has options for Coastal Properties or for antique homes. Some carriers offer different deductible scenarios, extra discounting for having multiple accounts within the same agency, et cetera.
MiddleOak is financially rated A+ (Superior) by A.M. Best Company and has been protecting against loss for more than 170 years. MiddleOak issuing companies, Middlesex Mutual Assurance Company and Holyoke Mutual Insurance Company in Salem, Mass., are financially rated A+ (Superior) by A.M. Best Company. Policies are issued by Holyoke Mutual Insurance Company in Salem, Mass., and Middlesex Mutual Assurance Company in Middletown, Conn.
Elliot Whittier Insurance Services, LLC is a local Trusted Choice® agency that represents multiple insurance companies, so it offers you a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs. You can visit Elliot Whittier online at www.ElliotWhittier.com, email firstname.lastname@example.org, or call 800-696-3947.
Source: Independent Agent Magazine