The Value of Your Home Insurance
Posted by Ken Richter on
Home insurance in Calgary, Alberta is one of those things that is extremely misunderstood, but extremely important to understand. Why? Because it is not finite. It will need to change and adapt to the value of your home so that you aren’t covering more than necessary or covering less than necessary.
Here’s the deal: your home is not insured based on what it would cost to buy it if it was up for sale again. Market value has nothing to do with home insurance. What matters is replacement value. Thus, your home is insured based on what it would cost to replace your home if it was damaged.
Home insurance is designed to cover the value of rebuilding your home the exact way it is now if the absolute worst were to happen, such as your home being burned to…
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