Jun
23

Homeowners Insurance: Setting Value in Today’s Marketplace

June 23, 2010

Chicago Real EstateYou got a great deal on your Chicago new home. Do you insure it for what you paid for it? Not if you paid too little for it, perhaps through foreclosure or even a short sale. If you insure your home for too little and you lose it in a catastrophic event, your insurance settlement may not be enough to cover the cost to rebuild a similar home.

Conversely, if your home’s value has decreased since you purchased it, you may now be over insured and paying too much for your premiums.

Homeowners Insurance Coverage: 4 Items You Must Have,” is an article on the

Equifax Personal Finance blog that discusses these and other important issues you need to discuss with your insurance agent.

Basically, your agent should run a series of calculations to produce an estimate of the cost to replace your home if it were destroyed or, more likely, partially destroyed in a fire or natural disaster. In this market more than ever, this figure should be considered when placing a value on your home for insurance purposes.

When you’re choosing your homeowners insurance carrier, ask questions about how each determines the value of your home and its contents. It may seem more prudent just to go with the lowest premium amount when you’re facing the costs of moving. But the higher premiums could prove worth it if the unexpected happens.

The

Equifax Personal Finance blog offers an ongoing source of ideas to help you manage matters of insurance, taxes, real estate and credit. Preparing your financial issues for the unexpected just got easier.

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

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