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Real Estate
Eileen M. Day REALTOR ™“
HOW MUCH HOMEOWNERS INSURANCE?
When you buy a home and have a bank mortgage, the bank will require you to have homeowners insurance, at a minimum, for the amount of.the mortgage. This makes sense for the BANK. It protects the bank’s collateral. However, since you own the WHOLE house (not just the mortgaged amount), your insurance should cover your ENTIRE risk— not just the bank's.
With insurance, you are betting something will happen and the insurance company is betting it won’t. You have the insurance company is right.
With the rise in home prices over the years, it is. important for all homeowners to know the current value of their home’s replacement cost. If you have owned your home for several years and have not adjusted the insurance coverage, chances are your home is probably undersured.
Your insurance should cover at least 80% of ybur home value. The other 20% is usually considered the value of the land. If you wish, our office can offer you an estimate of value to assist you.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone 675-3033. We’re here to help.
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