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Substitute Transportation

February 4, 2022

The COVID pandemic with the related government initiatives to soften the hardships resulted in severe labor and supply chain issues. Housing and consumer goods skyrocketed in price. Demand outpaced supply increasing by more than 15% over pre-pandemic values. Have you looked at the cost of building materials lately? A contractor today advised they no longer give firm building prices construction – everything is cost plus. Demand has outpaced supply in so many industries.

The cost to rebuild your home today has increased drastically. Many Americans might find they are vastly under insured today. Their policy limits would likely be insufficient to rebuild their home if a total loss were to occur.

The time it takes to repair your vehicle has also grown exponentially. We have seen some automobile claim repairs take several months due to the same labor and supply chain issues. This is an inconvenient time to have your automobile repaired. Your rental reimbursement coverage may be inadequate as well as rental vehicle availability. If you do not have “Substitute Transportation” on your auto policy, have a claim where you are not-at-fault, you may run into limits placed by the other insurer if they feel like the repairs are taking too long to complete. Talk to your agent about the proper “Substitute Transportation” amount.

Would you like to know more about how best to protect your, home, vehicles, and families, then contact us. We’ll help advise you of the many issues you should consider and how best to allocate your insurance dollars amongst all your in-force policies.

Protect what is important to you. Talk with one of our professional advisors to review your personal insurance program – let us help you maximize your insurance protection with a very competitive program. Call or text us at 800-800-8990.