4 Thoughts on now that homes have fallen in value, should my home owners insurance be lowered?
  1. Reply
    June 18, 2011 at 4:54 am

    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.

  2. Reply
    June 18, 2011 at 5:38 am

    Insurance is based on what it will cost to replace the structure, not the market value.

  3. Reply
    June 18, 2011 at 6:01 am

    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.

  4. Reply
    June 18, 2011 at 6:29 am

    You can easily check your quotes in internet, for example here – homeinsurance.awardspace.us

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