SUNDAY, MARCH 3, 2013
 Why is your home insurance value higher or lower than your market value? Insurance is never based on a tax or market value because it doesn't matter how much you can sell your home for. You can have a big house in a bad area not worth as much to sell or a small house in a nice area worth more so tax or market value have no correlation to insurance value.
The cost to rebuild this home is what your need your insurance for and it is based on square footage, materials and other costs to rebuild. In the Coverage A dwelling coverage not only includes the cost to rebuild but also includes the cost to remove debris, demolition, restoration services like fire or smoke or water restoration, etc. Also if the house is damaged to a catastrophe like hurricane or something massive it costs more to rebuild at a time when everyone else wants to as the demand for labor and material goes up. During these times the cost of labor and materials may be inflated you have to be prepared for those times and have enough insurance value to rebuild. Most carriers have a minimum replacement cost built into their quotes so you would not want to go below this or you would be underinsured.
Posted 12:20 AM Tags: home insurance, houston insurance, houston home insurance, home insurance houston, katy home insurance, home insurance katy, spring home insurance, home insurance spring, woodlands home insurance, home insurance woodlands, insurance value,
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