my home has decreased in value. can i decrease the insurance. on it. who determines what the home is worth and how much to insure for?
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you should insure your house to the value of building another one should it be destroyed. Check with local builders, see if their prices have gone down.
Insurance is based on what it will cost to replace the structure, not the market value.
since lumber and anything of value has risen in price, your home owners insurance is based on what it would cost now to make your home the way it was, say before a fire.
they don’t deal in the market value of your house, just the cost to repair it.
insurance is very odd when you think about it. you are betting something will happen to your house and the company is betting you will have given them a lot of premiums and nothing will happen.
You can easily check your quotes in internet, for example here – homeinsurance.awardspace.us