What kind of home insurance should I get?A standard homeowners policy protects against fire, lightning, wind, storms, hail, explosions, riots, aircraft wrecks, vehicle crashes, smoke, vandalism, theft, breaking glass, falling objects, weight of snow or sleet, collapsing buildings, freezing of plumbing fixtures, electrical damage and water damage from plumbing, heating or air conditioning systems.
Such policies are "all-risk" policies, which cover everything except earthquakes, floods, war and nuclear accidents.
A basic policy can be expanded to include additional coverage, such as for floods and earthquakes and even workers' compensation for servants or contractors.
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What's a house worth?
A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property's value, most people turn to either an appraisal or a comparative market analysis.
An appraisal is a certified appraiser's estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools.
Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300.
A comparative market analysis is a real estate broker's or agent's
informal estimate of a home's market value, based on sales of
comparable homes in a neighborhood. Most agents will give you a
comparative market analysis for free.
You can do your own cost comparison by looking up recent sales of
comparable properties in public records. These records are available at
local recorder or assessor offices, through private real estate
information companies or on the Internet.
Questions about Lethbridge Real Estate?
Ask us below or Call us Now at 403.795.7777
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