Why Insurance Market Value is less than Replacement Cost of Home
One of the most common questions our office receives is: “Why does the insurance company say the market value of my home is much higher than it is actually worth?” First, the questions is worded improperly. Not intentionally, but the problem is that the “market value” of your home has zero to do with the “Dwelling A” (or reconstruction cost) coverage listed on your declaration page. Or what most of us believe to be the “value” of our home. So then how does it really work? My home is valued at $75,000, I owe $80,000 and the insurance...
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