Category: Home Insurance

The local housing market in Lafayette, IN fluctuates over time. That’s why your house valuation is only an estimate of how much it would cost if it were on the market. However, it becomes more essential when you’re buying home insurance as it is one of the factors that determine your premiums.

Whether you just moved in or want to change your insurer, know that your home’s value has the following benefits:

It can be an essential factor when selling your home

If you intend to sell your home one day, you want to make sure that you know its value to have a reference point when you decide to sell. It is more important if you still have a mortgage. You will need to consider your mortgage amount or your loan balance before checking your house’s value. Ideally, this amount should be significantly lower than the average value of the house.

It helps you determine how much to allocate for renovation

Most people prefer to do several renovations to increase their home’s value when selling it. However, if you don’t know your home’s value, you won’t know if there was any additional value. Some renovation projects can take a toll on your wallet, which may not be worth it in the long run. Blevins Insurance Agency recommends checking with your insurance agent to determine your home’s average value before starting any renovations.

Aid in refinancing

Lenders in Lafayette, IN allow people to borrow a maximum of 75% and 95% depending on the available loan program. While you may qualify for other credit parameters, the equity available is what determines whether you will get another loan or not. The more equity you have, the better your loan terms and the amount you qualify for. Knowing your home’s value shows you the amount you need to borrow and your chances of succeeding.

At Blevins Insurance Agency, we care about your insurance needs. Our skilled agents can help you secure a policy that fits your budget, needs, and style. Contact us for more information.

When you move to the Lafayette, IN area, you should look into buying a property to live in as it can offer you many different long term benefits and advantages. If you do purchase a home when you are here, you should get insurance for it. There are several reasons that you will need this protection. 

Insurance Protects Asset

A reason that a lot of people will get home insurance is that it can protect their assets. There will likely never be a home that you buy that is as valuable as your home. Due to this, you need to make sure that you protect your property and asset as well as you can. With a home insurance plan, you will get the coverage and protection needed to cover and properly protect this asset.

Insurance is Required

Additionally, you will want to get home insurance because it is often a requirement for you to have. Most people who buy homes today will take advantage of the low long-term interest rates with a mortgage. While there are benefits that come with financing your home, there are rules that need to be followed. Most of the time, your lender will require that you have a proper home insurance policy in place at all times.

Those looking for home insurance in the Lafayette, IN area should call the team with Blevins Insurance Agency when looking for a new policy. Many factors need to be considered when looking for a new insurance plan here. The team with Blevins Insurance Agency can answer your questions and make sure that you can choose a policy that offers the protection you need.