Is your building insured for what it would cost to rebuild it? Co- insurance is the required amount you need to insure your property for the insurance company to pay the full amount in the event the building needs to be rebuilt.
If your co-insurance requirement is $100,000 in coverage, but you only insure for $50,000 (1/2) and you have a kitchen fire resulting in $25,000 worth of damage, your insurance company will only pay up to what you paid into co-insurance (1/2) which means you will get $12,500 to repair that kitchen.
Working with a local agent or broker will help ensure your building is covered properly in the event of a loss. We make sure your building is covered for the amount it would cost to rebuild. If you have questions or want to be sure you are insured properly, give our office a call!