When determining the value of your house when getting free home insurance quotes, it’s important to make sure that you get enough insurance to cover the value of your property. This gives you the protection and ability to rebuild in case of damage or destruction to your house caused by manmade or natural disasters.
However, the Insurance Information Institute warns against overvaluing your property when getting home insurance quotes. Overvaluing your property leads to paying more in premiums than you need to in order to rebuild your house.
One example is when people include the value of the land that their house is built on in their overall property valuation when getting home insurance online. The property doesn’t need to be insured – even if a fire, flood or other natural disaster destroys the house, you can still rebuild on that land. Only consider the value of items that cannot be reused when calculating the value of your home.