Barber Insurance Agency Blog
Home prices are down, should I lower my home insurance?
4/7/2011 3:55:00 PM
One
would think. But the real question is, has the cost to repair or
rebuild your home gone down? If you have replacement cost coverage, as
the majority of people do, you should have enough coverage to replace
your totaled home. The replacement of your home, however, is going to
require materials and labor that have not dropped in cost as
significantly as the market values have, therefore the cost of repairing
or replacing the home can often times be higher than its market value.
Your best bet is to ask your independent insurance agent to run an up to date cost estimator on your home, with it's particular specifications to get an accurate estimate. This estimate does not factor in the land value, and focuses strictly on the quality of construction and materials it would take to replace your home, new for old.
Even though we are hearing and reading so much about the economy, do not cut corners by cutting your California homeowners insurance coverage. Help us to be sure you are adequately covered on the home and contents, any questions about this or the changes, give us a call.
Your best bet is to ask your independent insurance agent to run an up to date cost estimator on your home, with it's particular specifications to get an accurate estimate. This estimate does not factor in the land value, and focuses strictly on the quality of construction and materials it would take to replace your home, new for old.
Even though we are hearing and reading so much about the economy, do not cut corners by cutting your California homeowners insurance coverage. Help us to be sure you are adequately covered on the home and contents, any questions about this or the changes, give us a call.
