How Often Should You Reassess Your Home’s Value?

There are different types of home valuations that you can choose from. The value of your home depends on your chosen type of valuation. There are different ways and reasons why homes are valued. The different types of home valuations differ based on the reason, who carries out the process, and the effect on the rates and coverage of your home insurance.

home inspector assessing a house's value

Some home valuations affect home insurance directly. It is important to critically appraise your home insurance policy if you realize there is a decrease or increase in its apparent value. Also, it is important to have enough home-dwelling insurance coverage in the event of a disaster. It is devastating to lose your house to a disaster and realize it was insured for less than its value.

Several factors affect the value of a home. They include size, age, location, condition, and building materials. You might need different types of valuations for different reasons. Therefore, home valuations fluctuate based on the situation.

Reassessing Your Home’s Value for Insurance Coverage

It would help if you had your home reassessed to ensure your coverage is a good fit. It would also help if you reassessed the value of your home every year. This will help you decide on the best coverage. This helps in avoiding payment of high premiums. It also ensures that any possibility of loss is satisfactorily covered.

Reassessing the value of your home every year helps in incorporating any recent improvements to your house into your insurance coverage. Even if there are no improvements, reassessment ensures that you have adequate coverage limits to cover the entire cost of rebuilding.

In reassessing the value of your home, you need to measure how much coverage you need. Also, inspect for perils not included in the coverage, and recheck your deductible. You need to compare your current premium to the premium you paid the previous year. Be sure you store all your documents safely.

Vargas & Vargas is one of the premier local independent insurance agencies. We work for you by customizing your insurance coverage consistent with your specific needs at the right price. Contact us today for expert responses to all your insurance questions.