Is it possible for the housing market to affect my policy as a first-time home buyer? The answer is yes. There are many factors that come into play. Your premium has a lot to do with your home’s market value. Home values have exponentially risen in a very short amount of time (for the most part. You should speak to an agent as soon as possible to determine if you have the proper coverage.
Buying a new home? See how first-time home buyers are being affected by market values. Our owner, Pat Brennen, explains what you need to know as a first-time home buyer in 2022.
First-Time Home Buyers Affected By Market Values – Entrust Insurance, St. Clair Shores
“If you’re buying a new home for the first time, it’s impacting you right now and you’re insuring it for what it’s worth, what market value is, and what we tell clients is, you want to insure it for the higher of two things: rebuild cost or market value. Depending on where you live, geographically, home values obviously vary. So you may find that one area, say Saint Clair Shores for example, here, you may be carrying rebuild costs because that exceeds the market value. In areas like Royal Oak, Birmingham, for example, the market value is much higher than rebuild costs. So you want to make sure you understand what both of those values are and that your policy is covering you for the correct amount.”
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