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Which is the Best Homeowner Insurance?

It’s important to understand that the best homeowner insurance for one individual is not the best homeowner insurance for another individual. The insurance shopper that takes the time to understand the basic elements of home insurance will have much more confidence and sense of satisfaction when making an insurance purchase. The homeowner policy has been around for a long time and so most of us have a general concept on how the policy works. When you are educated about your home values and your needs you’ll have an easier time finding the policy that works best for you.

You may or may not know, but the  age of your home has a direct bearing on the market value. The older homes built in the 1900’s have much lower market values today because most of them have depreciated. The market value for an older Victorian style home may be $50,000 but the actual cost to rebuild that home may be $200,000. The older homes that depreciate in market value are insured with actual cash value policies. They are often called market value policies. These policies will reimburse you for the market value of your home when there is a total loss.   If you have an older home, this is the type of policy that you need to purchase.

Newer homes would be better matched to a replacement cost policy. The replacement cost of a home and the market value are almost the same. Replacement cost is applied to the dwelling and most often to the contents of the dwelling. Replacement cost will repair or replace any loss with like kind and quality of materials with depreciation not being a concern.

As you can see, the best homeowner insurance for you will be determined by the age and market value of your home not where you live or how much you would like to insure the home for. The discounts for older and newer homes are the same. The protective device discount for deadbolt locks, smoke detectors, and fire extinguisher apply to both types of policies. Talk to your insurance agent about your options and how you can get the most affordable but best homeowner insurance for your specific home.