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Do you have enough coverage to rebuild your home?

January 28, 2014

Replacement Cost Vs. Market Value

Imagine how devastating it would be to lose your home in a fire or natural disaster. Now imagine not being able to rebuild it completely because you didn’t have the correct amount of insurance.

“Coverage A” or “Dwelling Coverage” on your policy declarations page is the amount you are currently covered for. Insuring your home for anything less than 100% insurance to value could mean you wouldn’t have enough coverage to replace your home in the event of a total loss.

Replacement Cost is what it would cost to rebuild your home to it’s original condition, and it is based on square footage, type of home and the cost of materials and labor in your area. The average cost to rebuild a typical home is $150 per square foot but can be much higher if you have granite countertops, hardwood floors or a finished rec room in the basement. It is important that you insure your home based on its reconstruction cost, NOT its current market value.

Market Value  reflects current economic conditions, taxes, school districts, the value of the land and location, and what comparable houses in your neighborhood sell for.

Assessed Value is what your property tax is based on, which varies by municipality.

If you’ve made improvements or additions to your home such as a deck, gazebo, fencing, or addtional structures, please give us a call so we can make sure your home is adequetly protected.

Filed Under: Blog

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850 Elm Grove Rd
Suite 18
Elm Grove, WI 53122
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(262) 641-0644
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Elm Grove Office

850 Elm Grove Rd
Suite 18
Elm Grove, WI 53122
Phone: 262-641-0644
Fax: 262-784-6433
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