Find out all about market value and homeowners insurance in Los Angeles.
Your home is often time one of your greatest financial investments. You evaluate your home based on the market value. While the market value is a good way of measuring the value of your home when you’re buying or selling, it’s not the only way to gauge the value of your home. In some cases, you may find that you’re paying more to insure your home than it is worth on the market. Find out what you need to know about homeowners insurance in Los Angeles and the market value of your home.
Market Value & Insurance Value:
Most people generally look at the market value of their home. That way they have a realistic idea of how much they can sell their home for, however, it’s not the only way to measure the value of a home. Market values are determined by evaluating the recent selling prices with home appraisals and recent tax assessments. However, your insurance policy values your home by how much your home costs to rebuild. That way in the event of a disaster you’re best able to rebuild your home from the ground up. In some cases, the value to rebuild is more than the market value of your home. That’s why sometimes you’re insuring your home for more than the market value.
Rebuilding Cost Factors:
When it comes to your home’s rebuilding costs, it’s important to consider how much the materials cost, how large your home is, whether or not you have any special features, if you have any recent home updates, and local labor costs so that you have a good idea of how much it costs to rebuild.
Find out what you need to know about homeowners insurance in Los Angeles. Contact
the professionals at Fuller Insurance Agency
, located in Southern California, for assistance finding the right policies for your family in Chino Hills, Los Angeles, Long Beach, and surrounding communities.