Appropriately protecting your single most important asset: your new home.
Now, that’s a big responsibility. Selecting the proper amount of coverage for your home is the most critical decision you can make with your homeowner’s policy. Without it, your new home may not be adequately covered. This process is called Insurance To Value (ITV) in the industry.
What’s Insurance To Value (ITV)?
ITV is the amount of coverage listed under “Coverage A” on your policy declarations page. It is often called “Dwelling Coverage” or “Coverage A – Dwelling.” It refers to the amount required to completely reconstruct your home in the unfortunate event of complete destruction.
Why is ITV different than the value of my home?
A home’s market value reflects current economic conditions, taxes, school districts, land value, location and other factors that have nothing to do with the actual cost of rebuilding and replacing all of a home’s contents.
How Howard Hanna Insurance can help.
Selecting the right “Coverage A” amount is your responsibility. Sound like a hefty obligation? Luckily, Howard Hanna Insurance is here to help. We use industry-leading underwriting tools to estimate what it would cost – including materials and labor – to rebuild your home from the ground up. Like any estimation, this will not perfectly capture every building item in your home. You should use it as a starting point and add to it depending on your home’s features. Be sure to work with your agent, as they can provide you with helpful information to make the right “Coverage A” selection.
Follow these simple steps to help ensure your new home is insured to total value.
- Work with your Howard Hanna Insurance agent to provide detailed information at the time of purchase to ensure that you receive a thorough and accurate quote.
- Ask your Howard Hanna Insurance agent about additional coverage options available in your state.
- Review your ITV calculation regularly with Howard Hanna Insurance.
- Report any changes or improvements that you make to your home to your Howard Hanna Insurance agent so that you can re-evaluate your coverage needs.
We understand that the homebuying process can be a little overwhelming. The HannaFinancial companies make the closing process simple. Serving eight states, we strive to meet your needs at the lowest cost through the efforts of our dedicated teams. Our homebuying expertise and full-service capabilities make your transaction as efficient as possible. HannaFinancial is proud to bring you the Howard Hanna One-Stop Shopping experience. Learn more about our dedicated teams today at howardhanna.com/hannafinancial.
