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Insurance to Value: Homeowners Beware

Housing values have plummeted throughout the United States. The pace of existing-home sales dropped more than 8 percent from January 2008 to January 2009, reported the National Association of Realtors. Home values declined for 76 percent of all U.S. homes during 2008, estimated Zillow.com. What’s more, the rate of new-home construction is now at its lowest in 50 years, noted the U.S. Census Bureau and Department of Housing and Urban Development. What’s NOT going down, though, is the cost of rebuilding and repairing houses.
And it’s contrary to consumers’ expectations that lower home values should mean lower homeowners coverage is needed. What’s more, homeowners are already cutting back on insurance expenses. Nearly one in four households already have changed their insurance coverage in the past year to reduce costs. With these conflicting pressures, what should a homeowner do?  (Click here to find out)