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Client Testimonials
"Michael is my insurance
agent for my business
package policy and my
workers compensation
policy. During the last
several years, I have had to
deal with some difficult loss
control recommendations
and billing issues. Michael
intervened on my behalf,
and ensured everything
worked out to my benefit
when I could have incurred
additional expenses.
Michael was my advocate,
and has provided
exemplarary service.
I strongly recommend him."
Paul Rogers, Owner,
The Face Place
“Amy, I want to express
what a great job you did in
handling all my mother’s
and my insurance needs.
It was by chance during the
refinance of our vacation
property in Coronado that
we placed the first call to
you. That call saved us
quite a bit of money, which
is paramount in this
economy. Leaving AAA
and ACSC was a hard
decision, but your
professionalism and
reassurance that Travelers
is a grade A company
convinced me.”
Jill Cotter
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Home Replacement Cost - March 2011
One of the most common questions we get asked by our clients is “Why is the dwelling coverage on my home higher than the market value of my home?
My home is not worth that much.”
This is a good question. How is it possible for the values to be so different?
- When a new home is built, it may be part of a neighborhood of homes, which means the builder is building multiple homes at one time. This allows for economies of scale – bulk material costs and bulk labor costs are less expensive.
- Building a home is very different than reconstructing a portion of a home that is damaged. After a loss the undamaged sections must be protected from further damage. The damaged sections of the home must be hand demolished. This is labor intensive Labor accounts for the largest share of home rebuilding costs. Demolition, debris removal and code compliance all add to reconstruction expense.
- When a new home is built, it’s typically done on a normal timeline that takes into consideration weather, materials availability, etc. When a client has a loss, the timelines are shortened considerably. This is because the insurance carrier wants to get the claim paid and the client wants to get back into their home.
- When new houses are built, there is usually no landscaping allowing easy access to the site. When a home is being rebuilt after a loss, there are trees, shrubs, lawns, fences and other obstructions limiting access. Materials often have to be hand carried to where they are needed, which increases labor costs significantly.
- After a hurricane or wildfire, the costs of building materials and contractor fees nearly always rise sharply in response to a sudden surge in demand.
Because reconstruction cost is more comprehensive than replacement cost, it is a better representation of what a company may expect to pay following a loss, and thus, the most reliable method for determining Insurance to value.
Our referral policy: when you refer someone for insurance and we write them a policy, we will send you a check for $50.
WWW.QUIGLEYINSURANCEAGENCY.COM
We will not sell, rent or give away any of your personal information.
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