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Just because property values are down doesn't mean your homeowner's insurance is up to date

Just because property values are downdoesn't mean your homeowner's insurance is up to date
January is a good time to review your homeowner's insurance policy to make sure that it is up to date. Many people believe that the value of their homes, especially when the value declines, means that if something happens, there's enough homeowner's insurance to cover it. That's not necessarily true.
The current value of your home has absolutely nothing to do with what it would cost to rebuild it if it's destroyed in a wildfire, earthquake, or flood. Instead, the cost to rebuild your home will be predicated on the cost of building materials and labor, and those rarely decrease like the value of your home does.
It is not the tax assessor's job or that of your insurance company to make sure that you have adequate homeowner's insurance. That responsibility falls to you. The best person to contact about your specific home would be a building contractor who is familiar with your neighborhood and can look at the specific features of your home and give you a cost-per-square-foot estimate to rebuild it.
With those figures in hand, call your insurance representative and have him update your ... more

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