Peak Re-Constructs Home Destroyed by Fire

Peak’s latest project involves a complete home re-construction after a family’s home burned down in a fire in January of 2010. The house was completely destroyed and the rubble needed to be cleared away for a new home to be constructed. Peak’s expertise in home re-construction and knowledge of home insurance policies made the process from start to finish for this family as smooth as possible so that they could get back to their lives.

The family was referred to us because of our knowledge and experience; after that initial call we started the first step immediately – which involved working with the insurance carrier by estimating the value of the loss. This value is what our team uses to then move forward and prepare plans for the new home, acquire permits for construction and deal with the mortgage holder.

Six months later we started construction and saved what we could which were the well, septic and driveway. Thanks to our partnerships, we were able to start work on the home prior to receiving the initial payments from the bank. This ensured that the owners wouldn’t run out of their temporary living expense coverage provided by their insurance carrier and would be able to get back into their new home quickly. Every insurance policy differs, but fortunately this family’s policy had one year of living expenses covered in the case of a complete home loss.

With grown children already out of the house, the family decided during the home planning process to make some changes to the layout. We added a sunroom off the rear of the home, a full walkup attic for extra storage, and also expanded from a 2 car garage to a 3 car garage. The project will be completed soon and the family will be moving into their new home in the New Year.

Home Insurance Tip: Update Your Coverage
We highly recommend that homeowners periodically review their home insurance policy limits with their agents, as in this particular case the family was under-insured. Their home’s coverage limit was 60% under the actual cost estimate for replacing the home and unfortunately, the family had to downsize to fit their budget.

This is too common of a scenario, and it’s important to update home coverage as needed. Insurance policies should be reviewed and updated when your policy is renewed or if major alterations/improvements are made to the home. Peak’s knowledge and partnerships can help you make the right choices for your home should anything ever happen.