Properly 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 single most important decision you can make with your homeowner’s policy. Without it, your new home may not be properly covered. In the industry, this process is called Insurance To Value (ITV).
What’s Insurance To Value?
Insurance To Value is the amount of coverage listed under “Coverage A” on your policy declarations page. It is often referred to as “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, the value of the land, location, and other factors that have nothing to do with the actual cost of rebuilding a home and replacing all of its contents.
How Howard Hanna Insurance can help.
Selecting the right “Coverage A” amount is your responsibility. Sound like a big obligation? Luckily, Howard Hanna Insurance is here to help. We use the 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 specific building item in your home. You should use it as a starting point and add to it depending on your home’s specific 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 full value.
- Work with your Howard Hanna Insurance agent to provide detailed information at the time of purchase to be sure that you receive a thorough and accurate quote.
- Ask your Howard Hanna Insurance agent about additional coverage options that may be available in your state.
- Review your ITV calculation on a regular basis 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 home buying 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.