Is there a difference between a homeowners insurance replacement value figure and the towns evaluation figure for tax purposes?
A.Absolutely! There is also a difference between your home’s market value figure and insurance value. Your insurance value is based on the cost of replacing losses to physical property structures and possessions only. Land value is excluded. NOTE: You may want to check with us about the current replacement value amount in your homeowner’s policy. A recent report by a leading insurance valuation authority reported that about 60% of all American homes were undervalued by an average of 25%. Two major reasons: rise in construction costs, failure to report home improvements and additions to insurance agents. Back to list.
A. Absolutely! There is also a difference between your home’s market value figure and insurance value. Your insurance value is based on the cost of replacing losses to physical property structures and possessions only. Land value is excluded. NOTE: You may want to check with us about the current replacement value amount in your homeowner’s policy. A recent report by a leading insurance valuation authority reported that about 60% of all American homes were undervalued by an average of 25%. Two major reasons: rise in construction costs, failure to report home improvements and additions to insurance agents. Back to list.
• A.Absolutely! There is also a difference between your home’s market value figure and insurance value. Your insurance value is based on the cost of replacing losses to physical property structures and possessions only. Land value is excluded. NOTE: You may want to check with us about the current replacement value amount in your homeowner’s policy. A recent report by a leading insurance valuation authority reported that about 60% of all American homes were undervalued by an average of 25%. Two major reasons: rise in construction costs, failure to report home improvements and additions to insurance agents. Back to list.
