Increasing home, construction costs could impact insurance coverage

Increasing home, construction costs could impact insurance coverage

Estimated read time: 2-3 minutes

SALT LAKE CITY — Rising prices could hit you hard if disaster strikes. Skyrocketing home values and construction costs are leaving gaps in some homeowners’ coverage.

A lot of this varies by policy — most are written in terms of what’s replaced rather than the current cost of materials. But at least one disaster cleanup professional is finding that some mishaps may have limits that are not set to today’s high prices.

What happened in the Parsons’ home could happen anywhere.

“When I got out of bed, I felt like wetness on the ground,” said Josh Parsons.

He made the discovery.

“I came rushing in here, and there was probably about an inch, inch and a half of standing water,” he said.

A toilet leaked all over the floor and down below.

“I went to put some things out in the garage, and when I opened the door, it sounded like a light river in our garage,” said Jeramie Parsons.

Three levels were impacted as water came through the rafters and behind walls and cabinets.

“All of the flooring has to be removed because we have trapped moisture,” said Ryan Marriott, owner of Floodsmen Disaster

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