Market Value Doesn’t Necessarily Determine Insurance Cost – Here’s Why
Home ownership is an incredible achievement and, especially in California, a significant expense. With an average property value of $760,800, California ranks #2 on the highest cost of living in the United States. Santa Barbara ranks #8 in median housing prices in California at $1.25M; if you focus specifically on South County, Santa Barbara jumps up to #2. That probably doesn’t come as a surprise, but this might: the value of a home doesn’t necessarily impact the cost of insurance.
Weighing Every Cost
Many factors are at play when it comes to building a custom insurance plan. At The Weiser Agency, we take everything into account from construction type to square footage, improvements made during a prior remodel, and future renovations. By taking the time to understand our clients’ home insurance goals and future plans for their property, The Weiser Agency is able to design informed, trustworthy strategies. We strive to lead our clients toward the most effective and affordable plan, tailored to their specific needs. At a glance, Weiser works with carriers to insure:
$15M properties with a yearly insurance premium of $15,000
$14M homes have an insurance investment of $250,000 annually
Often, the price of a home insurance policy is driven by the estimated cost of repairing or replacing the main structure in the event that it’s damaged or destroyed. Other factors such as proximity to brush, occupancy type, fire sprinklers, liability protection, etc. can dramatically influence coverage options and, therefore, the annual insurance premium. The Weiser Agency is experienced in designing insurance solutions for all sorts of scenarios, priorities, and budgets.
Comprehensive Underwriting
Luckily, the event of an increase in the housing market won’t necessarily drive up the cost of your insurance either. Put another way, the rebuild value of a home does not often rise as quickly as real estate market values. While insurance looks only at the rebuild value of a structure, a home’s market value is also impacted by the ebb and flow of inventory, interest rates, schooling options, lot size, and location.
Whether you’re a first-time homebuyer or savvy investor, knowing what is and isn’t protected can be tricky. You deserve to work with a broker that specializes in coverage for your exact needs and working with a family-owned firm like The Weiser Agency guarantees a higher level of customer care. We’ll use our industry expertise and knowledge of local market trends to design the right policy for your home.
The Weiser Way
Determining the correct rebuild value for your home and overall insurance portfolio is as much an art as it is a science. The Weiser Agency strives to get it right, every time. Our top priority remains finding insurance solutions that are thoughtful, trustworthy, and individualized. The Weiser Agency prioritizes transparency in client relations; meaning, we hope to provide factual insight into the cost of insurance in such a way that realistically meets your needs.