What is Home Depreciation and How Can it Impact You?

Home depreciation is something that happens as a home ages. What this means is that over time, your home will start to lose some value if you do not make any upgrades or changes to the home. If it is left as is with no changes, there will be newer homes available on the market that have better features and will be worth more money as well. Your home starts to lose value when things break, are outdated, and more. This is an important factor in your home insurance policy and Pizano Insurance serving Wayzata, MN can help. 

Over time, your home will start to depreciate and it does not happen overnight. There are some other factors that can play a small role as well including the economy but it may not play as big of a role as many claim. You will want to make sure that your home insurance policy reflects depreciation and that you are not overpaying if your home as lost value. To ensure you are not paying too much, you will want to get your home assessed for depreciation. 

You do not want to get your home assessed simply for the purpose of potentially lowering your insurance premiums because this can lead to other problems for you later on. However, if you do want to have your home evaluated, you can do so through an easy process. You will need to get in touch with an appraiser or home assessor to come perform the task for you. It is best to have one come through your insurance agency. This process will help you determine the current value of your home and how much it will cost you to rebuild. They will then give this information to your insurance company.  Contact Pizano Insurance serving Wayzata, MN today to learn more.