Do You Know How Much Your Home is Worth?

Do You Know How Much Your Home is Worth?

Do you know how much your investments are worth or how much money you have in a savings account? How about how much money you have in your wallet or how much your car is worth? The same should be true for your home. In fact, knowing the value of your home may be more important because it has an impact on how much insurance coverage you should carry.

Look, if you lose money from your wallet or from your investments, it is gone. If your car is damaged in an accident or totaled, your insurance company will use book values to help determine its worth when paying a claim. But with your home, you can quickly become woefully underinsured if you don’t know its value and don’t keep your coverage updated.

The key is knowing, at least on some level, how much your home is worth. You can then compare that value with the limits of your homeowner’s insurance policy. You may be coming up short. Today, it is easier than ever to determine the estimated value of your home.

If you have a high-value property, it may be worth paying for a professional appraisal every few years. This will provide you with a written, detailed property appraisal that you can use for insurance purposes. Most, however, will choose one of several no-cost options.

You can use your county property appraiser’s website with the understanding that value will likely only be a percentage of its true replacement value. You can also contact a real estate professional to look at comparable properties, or the recent sales of homes like yours in the area. You can also view a number of real estate websites to see what other homes similar to yours are listed for in your neighborhood. There are now a number of home buying services that will give you a cash offer on your home, although it likely will be on the low end of its real value.

The point is you should also at least have an idea of the value of your home at all times and make sure your homeowners’ insurance limits reflect that value. We can help.

If you have a reasonable idea of the value of your home and are interested in getting a quote on your homeowners’ insurance, contact one of our independent agents. We can search out a policy to fit your needs and budget. Don’t allow your homeowners’ insurance to become outdated. Choose to have your coverage mirror your home’s value, and we can help. Contact us today.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Life Insurance: Why Waiting Limits Your Options

Waiting to purchase life insurance just may limit your options. Here’s how to maximize your choices when buying life insurance.

What You Need to Know About Today’s Driving Schools

Today’s Online Driving Schools are Convenient and Affordable…and May Save You Money

Hurricanes, High Winds and Homeowners’ Insurance

Wind Storms Can Bring Serious Damage No Matter Where You Call Home

The “Flying Nun” and Other Wild TV Show Premises

Talking cars, funny aliens and horses on telephones are just the start of television’s craziest premises for shows. Oh, and there’s the Flying Nun.

How to Get Clients to Promote Your Business

Positive Comments and Testimonials Have Real Value

Five Cents a Week for Life Insurance? Wait…There’s more!

There Was a Life Insurance Version of the Milk Man and Home Doctor Visit

The Info You’ll Need to File an Automobile Insurance Claim

Being Prepared with the Appropriate Info Can Help Make Claims Smoother

Buying a Home? See These Five Movies First

There Can Be Both Humor and Horror Found in Real Estate Themed Movies.

Six Women Who Made a Big Impact on Modern Music

Strong woman with impeccable voices helped lead the way for generations of female singers. Here are six of the most impressive.

Cutting Costs Without Slashing Your Business

A Dollar Saved Is Not Always a Dollar Earned in Business

Leave a Comment