Call Us 704-364-0833 ☰ ˟
Logo
Call Us 704-364-0833
  • Our Agency
    • AboutImage of right arrow
      • Our Staff
      • Our Locations
    • Get A Quote
    • Our Carriers
    • Contact UsImage of right arrow
      • Dilworth Charlotte Office
      • Weddington/Waxhaw/Marvin
  • Products
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Collision Coverage
      • Liability Coverage
      • Medical Payments Coverage
      • Minor Violation Forgiveness
      • Rental Reimbursement
      • Uninsured & Underinsured Motorist
      • Vanishing Deductible
    • Home InsuranceImage of right arrow
      • Flood Insurance
      • Condo Insurance
      • Homeowners Liability
      • Landlords Insurance
      • Mortgage Protection
      • Property Insurance
      • Scheduled Property Insurance
    • Life InsuranceImage of right arrow
      • Individual Life
      • Long Term Care
      • Disability Insurance
      • Second-To-Die Policy
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • Snowmobile Insurance
    • Personal Umbrella & Identity Theft
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Liquor Liability Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Media & Advertising Insurance
      • Non Profit Insurance
      • Personal Trainer Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tow Trucks Insurance
      • Uber Insurance
      • Veterinary Insurance
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Errors and Omissions Insurance
      • Equipment Insurance
      • Extortion Insurance
      • Fidelity Bonds
      • Inland Marine Insurance
      • Kidnapping Insurance
      • Loss Control Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Disability Insurance
      • Individual Life Insurance
  • Get A Quote
    • Annuity Quote Form
    • Auto Insurance Quote
    • Business Owners (BOP) Quote Form
    • Cargo Insurance Quote
    • Homeowners Insurance Quote
    • Life Insurance Quote
    • Motorcycle Insurance Quote
    • Recreational Vehicle Insurance Quote
    • Renters Insurance Quote
    • Watercraft Insurance Quote
    • Workers Compensation Insurance Quote
  • Contact Us
    • Dilworth Charlotte Office
    • Weddington/Waxhaw/Marvin
    • Locations & Hours
    • Request A Free Quote
  • Our Staff
  • Our Carriers
Home > Blog > As Property Values Rise, Do I Need to Increase My Home Insurance?
WEDNESDAY, APRIL 19, 2023

As Property Values Rise, Do I Need to Increase My Home Insurance?

Living in your own home often has a higher cost over the years. You might wonder if your homeowners insurance needs increase as your property value rises. The answer is, sometimes. However, this is not necessarily related to rising property values in the area.  

If you see property values increasing in your area, then call one of our agents. We can help you find out if you need to make changes to your homeowners insurance to your benefit. Modern house

Understanding Property Value Increases  
Based on your home & property values, your homeowners insurance needs might increase. After all, the more expensive the home, the more coverage you might need. However, the actual price of the insured dwelling is different from property value.  

Your property value usually reflects both the value of the land and the structures on it. Your home’s value is the cost of building the house.  

Your homeowners insurance includes dwelling coverage to pay for damage to the structure. Its limits will need to focus on the value of the house as opposed to the value of the full property. After all, your dwelling coverage should be able to help you rebuild the house in case of a total loss.  

When to Increase Your Homeowners Insurance  
Depending on whether it is the property value or the home value that increases, you might need to increase your dwelling coverage limits on your homeowners policy.   

Usually, your dwelling coverage will pay you the home’s replacement cost value. This is the cost of materials, labor and other factors that you would have to pay to repair or rebuild your home. Changes in the market value of these services also affect the value of the home. As these values change, you’ll likely need to update your homeowners insurance.  

If you make additions or renovations, then your home’s market value might increase. This might mean you have to increase your dwelling coverage limits.  

Just because your property’s value might rise, the market value of the home might not. Though you might have bought your home for $150,000 and it is now worth $225,000, the cost of building the home might not have changed. As a result, you likely won’t have to increase your homeowners coverage.  

To figure out your home’s market value, consider having the home appraised. If the appraisal shows that the home is worth more than the limits of your current dwelling coverage, then consider calling your agent about increasing your policy. 
Posted 7:34 PM

Tags: home insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • auto insurance(7)
  • life insurance(6)
  • home insurance(5)
  • business insurance(4)
  • homeowners insurance(1)
  • workers compensation insurance(1)
  • commercial business insurance(1)
  • renters insurance(1)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
autoowners logo
Home| Get A Quote| Customer Service| Blog| About Us| Contact
1700 East Blvd | Charlotte, NC 28203
P: 704-364-0833 | Fax: 866-819-2827 | Other Locations
Social Social Social
Logo

Powered by Insurance Website Builder