Have you ever wondered why the amount of coverage being offered to insure your home is an amount more or less than the amount you purchased the home for or the current market value of your home?
It is very common for the dwelling coverage on an insurance policy to reflect an amount different than what you purchased the home for or what you could sell the home for on the market.
The market value of a home can be influenced by its location appeal, the land on which it’s built, the amount that other homes in the area are being sold for, and the amount another person is willing to pay for your home.
The coverage your home insurance provides is based on the cost to rebuild your home. Insurance companies have tools that help determine the amount of coverage that fits the specifics of your home. Common factors used in determining the amount of coverage are the square footage, exterior wall construction, interior and exterior features and finishes, cabinets and countertops, number of bathrooms, attached structures and more.
If you are concerned about the amount of coverage your home is insured for, please reach out to your insurance advisor to help explain how the final estimate of your home’s dwelling coverage is calculated.
The Villages Insurance is here to help you navigate through your insurance journey.
In cooperation with The Villages Insurance, every month, we will be providing an article with helpful insurance information.
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