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 Don’t allow your homeowners’ insurance to become outdated.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

First Jobs of Famous People

The Mundane Starts to Some Exceptional Careers

Sharpening the Marketing Axe For Your Business

How Using The Right Tools Can Take Your Business Marketing to The Next Level

Setting a Life Insurance Goal

You May Have Goals For Savings and Investments. What About Life Insurance?

Automotive British Speak

What The Brits Call Their Cars, Parts, and Features

The Benefits of Buying a New Constructed Home

See Why Many Younger Homebuyers are Choosing New Construction

When Did Super Bowl Halftime Shows Become Such a Big Deal?

For Years Traditional Marching Bands Served as Entertainment For NFL’s Biggest Game

Why You May Be Required to Have Business Insurance

While The Law May Not Require it, Other Factors May Dictate The Need For Business Insurance

Should You Have Life Insurance? HINT: Ask Your Spouse

Odds Are Your Spouse Would Want You to Have More Life Insurance Coverage

Changes in the Auto Industry You May Have Missed

The Brands, Models, and Features That Have Come and Gone

Six Things You Will Not Regret Splurging On

You Deserve to Have These Items Without Buyer’s Regret