How to Find the Insured Value of a Property
- 1). Pull out a copy of your homeowner's insurance policy. This should be kept with your other house documents--your title to the home, your existing mortgage paperwork, any old mortgage statements or documents, and any separate bank account statements related to the home.
- 2). Review and understand the different coverages listed on your policy. In general, these coverages include structural insurance (the home itself), adjacent-building coverage, liability coverage, and personal-property coverage. In most cases, the coverages for everything except structural coverage are based on a percentage of the structural coverage.
- 3). Determine the structural coverage. This should be clearly listed. Usually a homeowner's insurance company will mandate that your structural coverage covers at least the balance of your mortgage. You can always upgrade your coverage, too. For a home worth $200,000, coverage might be $250,000.
- 4). Determine the percentages for all other coverage. For example, personal-property coverage is usually between 50 percent and 75 percent of your structural coverage. So if you had $250,000 in structural coverage, your personal-property coverage would be between $125,000 and $187,500. You can figure your other coverages using percentages.
- 5). Add up all coverages. This final sum is the total insured value of your property.
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