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Why Is My Dwelling Value Different Than My Home Value

The first thing that an agent at Insurance For Texans does when preparing a Burleson Home Insurance quote is to determine the dwelling value. And just like clockwork, Texas homeowners tell us that that number can't be right no matter what it is for their home. The reason that they do this is because it generally never matches the market value for their home that they are either tracking on Zillow or through a realtor friend. In today's Home Insurance Tip, Ron explains why those two numbers are different.

Why Is My Dwelling Value Different Than My Home Value

Three Numbers For Every Home In Texas

  1. Market Value - This is the value that you can either purchase or sell a home for at this given point in time. If you own a home, you want this to be the highest number when you go to sell!
  2. Appraisal Value - This is the value that your local tax appraisal district assigns to your home and property. It has become highly controversial in recent years, and you want this number to be as low as possible to keep your tax bill down.
  3. Dwelling Value - This is the amount of money required to rebuild your home in a total loss. It's most important to make sure you have enough coverage to rebuild if you are hit with a loss while keeping the number reasonable due to deductible considerations.

While all three of these numbers exist and are extremely important, they are rarely all exactly the same. The job of an insurance agent is to protect you, your family, and any mortgagee interest from a losing situation in the event that you have to make a claim. Since construction costs have continued to escalate over the years, reconstruction costs have moved up with them. Remember, doing a one-off build is always more expensive than an entire sub-division.

Working with a local independent insurance agent can help you overcome any complexity of properly assessing how much dwelling coverage you need for your Ft Worth home. The agents at Insurance For Texans are trained in identifying key items that will drive the cost of reconstruction while also making sure that you've got it at a great price. Speak with Tricia or Dena today to assess your coverage needs and the best way to accomplish it.

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