Reassess value of house?
May 5, 2016 7:07 PM   Subscribe

I have a house that I bought it in 2000. Do I need to reassess the value?

The house is in Manitou Springs, Colorado, and real estate prices have gone up. (Thanks Mary Jane!). Do I need to reassess the value for insurance purposes? Or any other purposes?
I’m not planning on selling it anytime soon.

I don’t live in it, fwiw, I live in another town and rent this house.
posted by falsedmitri to Home & Garden (4 answers total)
Not sure about the insurance, but where I live the real estate tax assessor does this every year. I think this is where you could look up your information for El Paso County.
posted by exogenous at 7:35 PM on May 5, 2016

It's likely that it's the land that has gone up in value far moreso than the structure on the land. In that case, your insurance wouldn't change. That said, after 16 years it wouldn't be crazy to look into whether your current insurance's replacement value is still accurate.

FWIW where I live the tax assessor's valuation is a worthless voodoo number that has no relation to anything useful.
posted by gatorae at 8:21 PM on May 5, 2016 [1 favorite]

If you have a mortgage, the mortgage will likely have terms which set minimum insurance levels. Homeowners insurance insures against a variety of risks: risks to you of loss of the property in case of fire, for instance; liability risks to you if a visitor is injured while on the property; risks to you of loss in the event of burglary; some homeowner's insurance covers things like leaking roofs. The tax assessed value of your property is not much of a part in the calculus of appropriate insurance levels. You insure in the amount your mortgagor requires, and against how much you can afford to lose in case of fire, and what sort of risks you are willing and able to take in the event someone is injured on the property and they or their health insurance comes looking for coverage from you.

Getting an assessment for the value of the property can be useful if you want to object to the tax value, but it's not generally useful for insurance on a house you've owned for many years.
posted by crush-onastick at 8:22 PM on May 5, 2016 [3 favorites]

Check your policy. Some are tied to current or replacement value, regardless of what the value may have been on purchase date.
posted by COD at 6:58 AM on May 6, 2016

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