Dwelling claim settlements are subject to policy provisions and cannot exceed the stated limit. That said, many insurers offer add-ons that broaden coverage. Some endorsements to consider:

• Guaranteed replacement cost - Claim settlement may exceed the policy limit if the house must be rebuilt due to a covered loss.
• Extended replacement cost - Claim settlement may exceed the policy limit up to a specific percent (often 25 - 50%) if the house must be rebuilt due to a covered loss.
• Inflation guard - Automatically increases dwelling limit at policy renewal based on area construction costs.
• Ordinance or law - Claim settlement may consider extra costs (subject to an identified limit) to repair damage in accordance with new building codes and ordinances.
• Modified replacement - Allows dwelling limit below co-insurance requirement in return for a claim settlement based on current building materials and practices.

Review your homeowners insurance policy annually. Confirm the dwelling coverage limit is in line with your home's replacement cost. Adjust for home improvements like remodeling the kitchen, a room addition, or an expanded deck. Check other coverage limits too - especially contents and liability. Increase coverage amounts to accommodate personal property requirements and financial assets. Be familiar with policy exclusions and limitations. Evaluate your insurance needs, identify policy gaps, and ask a local insurance agent how to address these concerns. Avoid surprises by putting adequate insurance coverage in place before a loss occurs.