You’ve bought a beautiful home. You’ve spent many wonderful years in your home making memories. However, you’re thinking about selling your home. You look at the selling price of your home, and much to your dismay, you realize that you’ve been paying to insure your home for more than it is worth. Don’t panic. There is a reason behind the occurrence. This type of discrepancy generally occurs when the cost to rebuild the home costs more than the market value of the home. Learn how your home’s rebuilding costs and market value are determined to shed insight on the value of your homeowners insurance in Frisco.
This type of cost is based on arbitrary values ultimately set by supply and demand. However, a realtor uses a combination of tax assessment records, appraisals, and selling prices of homes in your neighborhood to settle on a listing price.
This type of cost is based on the current values of materials to rebuild the home from the ground up. It includes the cost of materials, local labor costs, upgrades and improvements, and any special features in your home.
When it comes to your insurance, it’s important to get adequate coverage. If you don’t have enough coverage to cover your home’s rebuilding costs, you could be left paying out of pocket. Ensure that your coverage limits coverage at least the rebuilding costs and then some. That way you can rest easy knowing that you’re covered.
Keep your home protected with the right homeowners insurance in Frisco, and make sure you have enough to rebuild your home. Contact Mike Leonard Insurance Agency in North Texas. We’ll work to get you the right coverage from one of our carriers Kemper, MetLife, Travelers, The Hartford, Safeco Insurance, Progressive, and American Strategic Insurance so you can rest easy with great protection.