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 leastย on some level, how much your home is worth. You can then compare that value with the limits of your homeowner’s insurance policy. Youย 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 reflectย 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 Don’t allow your homeowners’ insurance to become outdated.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
Search All Blogs
Search All Blogs
Read More Blogs
10 Smartphone Statistics That Will Surprise You
Smartphone Statistics
Why Landlords Need Business Insurance
Landlord Insurance
Decreasing Term Life Insurance: When is it Right for You?
Decreasing Term Life Insurance
Why Renters Insurance is a Must-Have for Tenants
Renters Insurance: Protect Your Belongings and Liability
5 Ways to Save Money in a Tight Economy for Businesses
Save Money in a Tight Economy for Businesses
How Life Insurance Can Help Pay for College
Life Insurance for College
Do You Need to Tell Your Car Insurance Company If You Drive for Rideshare or Food Delivery?
Rideshare and Food Delivery Insurance
3 Dangerous Items You Don’t See Around Homes Anymore
Dangerous Items No Longer Found in Homes
How Do You Compare to the Average American?
How Do You Compare to the Average American?
How to Protect Your Business in Uncertain Times
How to Protect Your Business in Uncertain Times