Tip: Are You Using A Mortgage Calculator?

by mdove

If you’ve never used a mortgage calculator then take a look at this tool from Dave Ramsey.

Owning a home is one of the most expensive investments we’ll make, and knowing the ins and outs of what you’re paying for can help you save. You can also calculate how much paying $10, $50, or even a $100 more a month can quicken the pace of your mortgage payoff.

Know Your Home Insurance Options

Instead of working for one big company, our family of Independent Agents represent multiple insurance providers. We’ll take a look at:

  • Your home’s value
  • Ideal coverages for your home’s architecture
  • Thoroughly check for all available discounts, including multi-policy
  • Explain coverages and covered perils
  • Provide personal service when you need it

Market Value vs Replacement Cost

If I only paid $180,000 for my home, why does my insurance company want me to insure it for $225,000?

One of the biggest questions regarding home insurance centers around the amount of coverage to place on your home. Most homeowners assume the amount of coverage will be equal to the amount they paid for their house.

It’s important to understand the difference between these two methods of valuation:

  • Market value. This is the price paid for your home. Real estate pricing is based on market value. It’s a method that values property based upon the amount a willing buyer would pay to a willing seller.
  • Replacement cost. The cost it will take to rebuild your house in the same spot, at the same size and with the same quality of construction at today’s costs. Insurance companies use replacement cost, not market value.


Discover everything an Independent Agent can do for you.

Dove Insurance serves Virginia; including Blacksburg, Catawba, Centreville, Christiansburg, Covington, Floyd, Galax, Harrisonburg, Hopewell, Leesburg, Lynchburg, Pulaski, Radford, Richmond, Riner, Roanoke, Salem, Staunton, Waynesboro, Wytheville. We provide home insurance, auto insurance, small business insurance, umbrella insurance, commercial auto insurance, life insurance, earthquake insurance, flood insurance and liability insurance.

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