That’s a question that many people have. The answer is that market value is simply the amount that another party would be willing to pay to purchase your home. Many times the location of your home has as much to do with its value as the actual home itself.

Insurance coverage, however, should represent the cost to rebuild your home exactly as it is now. So if your location adds to the home’s value, market value is likely to be higher than the cost to rebuild it.

Alternatively, if the location detracts from your home’s value, your insurance coverage amount may be higher than its market value.

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