A new study by Berkshire Hathaway shows that current homeowners are focused on enhancing the long-term value of their properties. Because a residential property is often the largest investment a consumer makes, updates and renovations rank high among priorities for individuals, couples and families who own homes.
"With an eye toward enhancing long-term value, 88% of current homeowners say it is important to update or renovate their home over time, and they want improvements that stress energy efficiency and eco-friendly systems and materials," explains a report in the Chicago Tribune. "More than 60% of current homeowners favored "green" improvements even before kitchen, bath and flooring projects."
The report found that millennials are the "most enthusiastic" about home improvements, as 61 percent were found to seek a home they can update to their preferences. From a personal finance perspective, adding value to a home can pay off in the long-term, but it's critical for an outstanding homeowners insurance policy to reflect the most current replacement cost of a home. In the event of damage or destruction, the work and resources consumers funnel into home improvements can be lost if policies aren't updated.
For professionals in the insurance industry, the best way to meet a client's needs is with a streamlined valuation workflow that provides consistent and accurate replacement figures. At e2Value, we've pioneered a reliable and convenient suite of solutions that are fully customizable to your business needs. Whether you need a valuation for a single property or every home in your book, our valuation calculator can save time and allow you to handle a larger volume of business. Contact us today to learn more about our solutions for insurance agents and representatives.