As regions across the country enter the final leg of winter, it's possible that residential properties are beginning to show vulnerabilities. From leaking roofs to faulty heating systems, many of a home's most valuable structures and systems are susceptible to the effects of snow and cold weather. As properties begin to experience a thaw, homeowners should be advised to evaluate the pressure points that could lead to homeowners claims in the future, and whether their current policy reflects the actual replacement value of homes.
At the end of 2014, home improvement chains like Lowes had a particularly successful retail quarter. This is due to property owners who invested time and money in updating household fixtures and other home projects. Additionally, the start of 2015 marked a stable home buying market.
"While the Commerce Department reported Wednesday that new home sales were basically flat in January, the performance was still better than a year ago when extremely harsh winter weather caused home-buying to stall," reports the Houston Chronicle. "Home values are on the rise thanks to a tight inventory and many economists expect the market will improve in the spring."
With home values in mind, it's critical to adjust homeowners' insurance policies alongside updates consumers make to the homes themselves. Renovations can add value and skew replacement costs to be inconsistent with the amount stated in a policy. In the event of a catastrophe, property owners who fail to do so may be responsible for higher out-of-pocket costs.
For home valuations, experts in the field must depend on a consistent, reliable home valuation calculator. Contact us today to learn more about our tools for home valuation.