Learn why your homeowners insurance in Long Beach may be costing you more.
Investing in
homeowners insurance in Long Beach helps to keep your house safe. If anything ever happens to your home, you know that you’re covered. Sometimes there’s a discrepancy between the amount that you home is worth in the current market and the cost of your insurance. What accounts for this difference in cost? The market value and the rebuilding costs are based on two separate sets of information. Check out what you need to know about how your home is insured so that you can rest easy knowing that you’re covered.
Market Value:
The market of your home indicates how much your home is worth to potential buyers. The price set by a realtor is based on a variety of factors. It’s based on past tax assessments, home appraisals, the price of other homes in your neighborhood, and positive home features like school districts. The market value of your home is just one way to measure your home’s worth and has some arbitrary factors such as worth to a potential buyer.
Rebuilding Costs:
The rebuilding costs of your home are the costs that it would take to rebuild your home from the ground up. In the event that your home needs to be rebuilt, you need to know that you have the funds to do so. The rebuilding costs factor in the local labor costs, building materials, the square footage of your home, and whether your home has any special features like a fireplace. These costs are based on an estimate of the current costs that it would take to build your home from scratch.
Why They Differ:
While they’re both ways to measure the value of your home, the market value and the rebuilding costs don’t always add up. Sometimes your market value is a bit lower than the rebuilding costs, which means that you're insuring your home for more than the price of your home on the real estate market. Ensure that your home has enough coverage so that if you needed to rebuild your home, you can do so.
Get the
homeowners insurance in Long Beach that you need to keep your home safe, even if you have to rebuild from the ground up.
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.
