MICHAEL DOVE   |   JOSHUA DOVE

If purchasing a home is one of the largest and most expensive investments we’ll ever make, then obtaining proper home insurance is absolutely critical.

Multiple Carriers, Multiple Coverage Options

A homeowners policy is a package deal that is designed to provide a certain amount of coverage for your home (dwelling) and personal property, with additional coverages like theft and personal liability.

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.

Here To Help Serve You

If you’re already a homeowner or anticipating a home closing, contact us today.

Instead of working for one big company, our family of Independent Agents represent multiple insurance providers. This allows us to compare rates and coverages so you’ll get the best coverage-to-value policy available. We’re here to serve you.

Let us help.