Calling your agent for an insurance check up may not be on the top of your to do list but it certainly is a smart move. Your insurance agent can evaluate changes that may have occurred so that you are adequately covered for any loss. There are many reasons to get an insurance check up.
Structural Changes: Have you updated, renovated or replaced major systems such as roof, plumbing, HVAC? Have you built a pool? Added a trampoline or playset? Is your house in a flood plain? There may be discounts available for any improvements you have made, or you may need to increase your liability coverage.
Personal Possessions: Have you bought jewelry, art, antiques or recently redecorated? Has anyone moved into your house with his or her personal possessions?
Home-based business: Do you have a business that is being solely operated from your home?
What is replacement cost versus market value? Replacement cost, for insurance purposes, is the estimated cost to construct your home at current prices; it does not include your underlying land value. Market value is a estimated price, based on the availability of similar home sales, at which your property would be sold in an arm’s-length transaction. They are very different values.
Your home’s replacement cost may be more or less than your market value. If your home is unique, historical, or includes specialty finishes or construction materials, your replacement cost will probably be higher than your market value.
Do you need an insurance check-up? Contact Ben Payne, at HN Insurance at 404-392-3075.
Would you like a market update on similar homes that have recently sold? Contact me at 404-680-9358.