Not all homes are created equal. Longmeadow homes with unique features, and higher than average market value may fall into the “high value” category. Once you’ve determined your home is considered “high value”, you need to seek out insurance that can properly cover your property. High value home insurance policies provide more coverage than a typical homeowners policy, allowing you to fully restore your home if it is damaged or destroyed. To get this coverage, there is a thorough appraisal process.
High Value Home Insurance Appraisal in Longmeadow
To obtain a proper amount of home insurance, an experienced appraiser must see your home and determine its worth. For high value properties, this process is more in depth to ensure that all your assets are accounted for. Being an active participant in this process will help make sure all your Springfield property is accounted for.
What happens during a high value home insurance appraisal?
When your agent recommends a high value policy, he will send an appraiser who is experienced in unique properties to your Longmeadow home. At this time, the appraiser will walk around the property, inside and out, taking photographs and careful note of any special features, handcrafted finishes, and other valuable property. With this information, the appraiser can begin to determine the value of your home.
Because high value home insurance policies typically guarantee full replacement costs for your property, the appraiser must research the fair market value of your home. He will take into account the cost of artisans to recreate finishes, specialized materials, and antiques.
How can you help improve the accuracy of this process?
Accurately determining the value of your Longmeadow property helps to ensure that if you suffer a loss, you are properly reimbursed. There are several ways you can assist during this process:
1. Take inventory before the appraiser arrives. Make sure you have identified valuable jewelry, electronics, antiques, and heirlooms that will be included in the property. Make a list of unique features that would be costly to replace. This will help ensure the appraiser takes all these factors into account.
2. Request a second appraisal if necessary. Once the appraiser has finished, you will receive a copy of his report. If you feel he has inaccurately valued any of your property, you can request a second opinion.
3. Keep your receipts. If there’s any question of the value, the receipts should help settle any questions.
What if you make changes over time?
Homes are constantly evolving to meet the needs and tastes of the owners. Your high value insurance company expects that there will be changes over time. To keep your policy up-to-date, it’s recommended to have a new appraisal done every 3-5 years or when you make major upgrades that will significantly change the value of your home. When you make changes or acquire new items, keep a record of these transactions and receipts so they can be easily included in your next appraisal.
Getting your Longmeadow home appraised for your high value home insurance policy is an important step to protecting your home. By determining an accurate value, your insurance company will be better able to cover any losses in full, allowing you to restore your home to its previous state.
This material is for informational purposes only. All statements herein are subject to the provision, exclusions and conditions of the applicable policy. For an actual description of all coverages, terms and conditions, refer to the insurance policy.