If fires, storms or water inflict damage to your home, it can be difficult to look past the destruction. These events can cause unthinkable damage to structural components as well as the contents inside. Some may even possibly consider simply walking away and starting fresh. However, a potential silver lining to this unfortunate event can be the opportunity to remodel or rebuild better. This in turn, can help to increase the value of your home whether you intend to sell in the future or build more equity. Whether it is a single room or area or an entire home, reconstruction can create a positive chance to upgrade your interior.
Pre-loss Condition
If your policy fully covers your loss, you will pay your deductible and the insurance company will pay to restore your home back to pre-loss condition. Usually this means using comparable materials and quality to replace any items that are not salvageable. This can include the same material or something similar and equitable. Formica countertops will be replaced with formica countertops, tile floor will be replaced with tile floor. This is true regardless of whether the exact same material is still able to be sourced. While a newer home may not seem to benefit from this replacement as much, the materials are still more recent and have the capacity to potentially last longer. The benefit is much more evident in an older home that may not have updated materials for many years.
Upgrade
Many homeowners are not aware that they are able to choose to upgrade their reconstruction. It may have been a matter of not having all of the money saved yet but with this occurrence, it can be a huge help. Though the insurance company will still only pay out for pre-loss conditions materials, it is certainly your choice whether you upgrade with your own funds. This not only becomes a benefit for you but for them to insure a home of higher value. By combining money that was intended for an improvement with insurance money to purchase quality materials, your home’s value can be drastically improved.
Regardless of how you choose to handle your reconstruction after a disaster, it is incredibly important to choose a reputable and professional reconstruction company. There are many ways for an inexperienced company to make mistakes or miss details that can turn out to be costly and frustrating to have to fix yet again later. However, when reconstruction is executed properly, it can ensure that the value of your home is preserved or possibly increase its value.
For more info or to schedule a consultation contact us today at 410-960-1263
