Jason Wright Agency

Should I insure my house for what it's worth on the real estate market?

It's a common question, but market value and replacement cost are two very different things.

Your home's market value is what a buyer might be willing to pay for it. That value can change considerably based on supply and demand, mortgage interest rates, the local housing market, and the overall economy. Market value also includes the land.

Home insurance, however, should generally be based on replacement cost—the estimated cost to rebuild your house after a covered total loss.

That means considering today's cost of construction materials, labor, and other expenses involved in rebuilding the home.

Your house could sell for $500,000 but cost $400,000 to rebuild. Another house might sell for $400,000 but cost $500,000 to rebuild. That's why simply using the purchase price, tax value, appraisal, or current market value isn't necessarily the right way to determine how much insurance you need.

The goal is to insure the home based on what it would actually cost to rebuild today, regardless of what is happening in the real estate market or broader economy.

Have questions about how your home's replacement cost is calculated? Jason Wright Agency can review it with you with no obligation to purchase.

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