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Spring 2018  Volume 14, Number 1        
 

This Just In ...

The housing market is booming and so are home prices. Does this mean you should increase the amount of your homeowners insurance?

First, keep in mind that homeowners insurance pays for repairs or replacement of your home and its contents if they’re damaged by a covered cause. There is no direct relationship between the market value of your home and its replacement cost value. Home prices are increasing in large part because land values are increasing. Still, when the local economy is doing well, there is a shortage of and greater demand for materials, causing the price of both to increase. This inevitably translates into a higher replacement cost value for your house.

Another thing to think about is whether you’ve made improvements to your house. Be sure to let your agent know. Home improvement projects can add value and increase replacement costs.

If you’re in doubt about the value of your home, you may want to hire a property appraiser for a detailed evaluation. It’s also a good idea to reevaluate your insurance needs each year to decide if you have the right amount — and kinds — of insurance. Give us a call. We’re happy to help.

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In this issue:

This Just In...

What’s the Future of Auto and Home Claims Handling?

Eight Homeowners Endorsements You May Need

How to Buy Motor Home Insurance

Get a CLUE, Don’t Buy a Lemon!

 

 


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