Here are some tips to help you estimate your home’s value:
Every year, take the time to check the value of your insurance policy against rising local building costs. Your Farmers agent is available to assist you with your review of your coverage.
Check the latest building codes in your community. If your home is severely damaged, you might have to rebuild it to comply with new building code standards which may require a change in design or building materials.
Do not insure your home for the market value. The cost of rebuilding your house may be higher (or lower) than the price you paid for it or the price you could sell it for today.
Some banks require you to buy homeowners insurance to cover the amount of your mortgage. Make sure it’s also enough to cover the cost of rebuilding.
Increase the limit of your policy if you make improvements or additions to your house. You may upgrade features in your home to fit your tastes and lifestyle. These enhancements can significantly increase the replacement cost of your home. Your Farmers agent will be available to help you in your determination as to whether additional coverage is needed.
We also have a number on online tools to help you calculate your home insurance needs. If you have questions about the amount of insurance coverage for you, consult your local Farmers agent.