The initial step that an agent at Miner Family Insurance takes when creating an Edmond Home Insurance quotation is to establish the dwelling value. As per regularity, Oklahoma homeowners express their skepticism regarding the computed value, regardless of the figure. This is because it seldom matches the market value of their home that they track through Zillow or from their realtor friends.
For every home in Oklahoma, three crucial values are considered:
1. Market Value: This denotes the value at which a home can be purchased or sold at the given moment. As a homeowner, it is essential to aim for the highest possible value when selling your home.
2. Appraisal Value: This is the value that the local tax appraisal district assigns to a home and its property. It has become a contentious issue recently, and homeowners prefer it to be as low as possible to reduce their tax bill.
3. Dwelling Value: This value indicates the amount of money required to rebuild the home if there is a total loss. The most important aspect is ensuring adequate coverage to rebuild in case of a loss, while also maintaining a reasonable figure considering deductible considerations.
Despite the importance of these three values, they are hardly ever exactly the same. The role of an insurance agent is to protect the homeowner, their family, and any mortgage interest from a financial loss if they make a claim. As construction expenses continue to rise, reconstruction costs have increased alongside them. It is essential to note that a one-off build is typically more expensive than constructing an entire sub-division.
Collaborating with a local independent insurance agent can help homeowners navigate the complexities of determining the appropriate dwelling coverage for their Yukon home. The agents at Miner Family Insurance are well-versed in identifying critical factors that drive reconstruction costs while ensuring affordability. To assess your coverage requirements and determine the best way to achieve them, speak with Josh today.
Topics: home insurance, edmond home insurance, yukon home insurance, oklahoma city, replacment cost, market value, homeowners insurance, independent insurance agent, home insurance tips, deductible