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There are several different ways to describe the value of a home.  Each is correct in its own respect; however each description has a unique meaning.

MARKET VALUE is the amount a prospective buyer is willing to pay for a home.  While it’s important when selling a home, market value has little to do with the cost of rebuilding your home.  If your house is destroyed by a fire, what matters is how much it’s going to cost to put you back into the home, exactly as it was prior to the catastrophe. 

REBUILDING COSTS include current costs using the same materials, current construction standards, recreating the design & layout, using the same quality and workmanship. 

What can you do to make sure you have enough coverage?  Provide in-depth details about your home to your agent so an appropriate replacement cost estimate can be made.  Greater detail + accuracy = better protection for YOU. If you’ve made changes to your home since yoru last policy review, contact your agent to discuss coverage amounts & verify the insurable value of your home.