The Virginia real estate market is hot and it’s showing no signs of slowing down. Demand for new and existing homes is up while inventory remains low by historical standards. In a lot of areas, homes are selling within days of listing on the market. Purchase prices are rising too and are frequently driven up with multiple bids.
When it comes to home insurance, the replacement cost of your home is the valuation that matters. Typically there are three types of values associated with your home:
- Market Value. This amount is what your home will sell for or what a willing buyer will pay to a willing seller. Land is included.
- Tax Assessment Value. The amount your town, city or county assesses the value of the porperty at. Land and building are generally calculated separately.
- Replacement Cost. The caluculated cost it takes to rebuild your home. Land is not included.
Home Replacement Cost
Unless an actual cash value (ACV) policy is selected, a Virginia homeowners policy is based on replacement cost. The cost of rebuiliding your home may be higher or lower than the market value or tax assessment.
At Dove Insurance Agency we calculate the replacement cost of your home and can adjust coverage amounts based on your preferences. Even if you have an older or renovated home we can help ensure that your property is covered for the replacement cost value.
We’re Proud To Be An Independent Agency.
By representing multiple insurance companies across the country, we are able to help you find the right coverage options for your needs. That means we can compare coverage and rates to help you secure a policy that works for you, giving you the power of choice when it comes to protecting the important things in life.
Another reason to use an Independent Insurance Agent:
We're never too far away, and you can talk to us in-person, over the phone, or by email. https://t.co/jqicPuHa8N
— Dove Insurance (@DoveInsurance) June 6, 2022