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Posted May 3rd, 2012
Like all commodities, the cost of metal is going up. Copper has been impacted even more as the demand for cabling and household wiring world-wide has gone up and up. Rising copper prices have affected your insurance company’s rates in a number of ways.
First of all copper thefts are increasing. As the demand for copper grows, thieves are getting into the act, entering vacant homes and stripping them of all copper wiring and plumbing. Not only do they rip out the plumbing, in many times they do not completely shut off the utilities, resulting in a fire that completely destroys the house.
If a dwelling survives the theft, it will need to be completely rewired and have the plumbing replaced. The same copper prices that motivated the thieves now come into play as replacement costs rises.
Because of this, if is very important that your home be correctly insured for these costs. An accurate replacement cost estimator must be completed before you decide on how much insurance you will need. Contact a reputable professional insurance agent to discuss your risk potential.