An appraisal of your home is sometimes required when getting a homeowner’s insurance policy. Often times the company itself with send an appraiser to appraise your home during the process. Loss mitigation appraisals that are done by insurance companies look for defects and structural soundness. Particularly, appraisers will examine concrete, brick, and other construction materials to inspect for cracks and other weaknesses such as water damage. These types of appraisals are compulsory because the insurance company has a specific interest in the soundness of your property.
It is sometimes customary for homeowners to order their own appraisal during the review of their homeowners insurance policy. Many times an owner will find that they may be paying too much for coverage on their property. If the coverage for your home with your existing insurance is at or above the value of your home, it is indicative that your coverage may be too expensive. Even if your home were lost in some type of catastrophe, the land your home was built on still exists.
If you own a home it is often very important to periodically have an appraisal done on your house. It is always good to know where you stand so you can maximize the benefits of your most important investment, make sure you are not paying too much for homeowners insurance, and take advantage of peak market conditions if you are considering liquidating assets or relocating to another area.
Longview Appraisals can help you determine the value of your & your client’s real property for homeowners insurance purposes.