Understanding Estimated Home Insurance Costs: A Detailed Overview
Intro
Homeowners insurance is a crucial aspect of protecting one's investment. Understanding the estimated insurance costs for homes involves a deep dive into varying factors that play significant roles in shaping policy rates.
The subject is relevant for current and prospective homeowners who wish to safeguard their property from unexpected damages. Wildfires, floods, and other risks can threaten personal assets, presenting a need for effective insurance solutions.
Insurance policies differ greatly depending upon various elements such as location, home characteristics, and different coverage types. By grasping these essentials, consumers can make more informed and financially wise decisions when selecting homeowners insurance.
Every homeowner must comprehend the implications of these costs that affect their financial situations over time.
Overview of the Financial Topic
Definition and Importance
Estimated insurance costs cover the expected price homeowners must pay for insurance coverage. This figure can fluctuate based on specific details concerning the insured property. It's essential to grasp this concept thoroughly, as homeowners insurance don't only protect against losses, but it also serves as a foundational security measure for many assets. Without adequate coverage, a homeowner could experience significant financial hardships after an unfortunate event.
Key Terms and Concepts
Understanding the ecosystem surrounding homeowners insurance costs requires knowledge of certain key terms:
- Premium: This is the amount homeowners must pay periodically to maintain the policy.
- Deductible: This represents the out-of-pocket cost the homeowner must cover before the insurance kicks in.
- Coverage Limit: This state the maximum reimbursement the home insurer is willing to pay under the terms of the policy.
Having a grasp on these terms is fundamental when assessing the insurance landscape.
Exhaustive Analysis of Financial Products
Types of Financial Products Available
Homeowners insurance is available in several formats, designed to meet the diverse needs of individual consumers:
- HO-1: Basic policy offering limited coverage for included perils.
- HO-3: Most common type; includes protection against all perils except those explicitly listed.
- HO-5: Comprehensive coverage that covers personal property against multiple risks.
Pros and Cons of Each Option
- HO-1:
- HO-3:
- HO-5:
- Pros: Low premiums
- Cons: Very limited coverage
- Pros: Flexibility and broad coverage
- Cons: May still leave gaps depending on exclusions
- Pros: Comprehensive protection
- Cons: On the higher end of premium costs
Market Trends and Insights
The home insurance market continually evolves due to economic changes, weather patterns, and legislative shifts. Identifying these movements informs consumers about potentially favorable times to secure policies and the coverage options available.
Comparison and Evaluation
Comparison Charts or Tables
Creating a comparative chart of the various policy types can assist in quickly visualizing benefits and drawbacks for the average consumer.
| Policy Type | Coverage | Premium Range | Deductible Range | | HO-1 | Limited | $$ | $$ | | HO-3 | Extensive | $$$ | $$ - $$$ | | HO-5 | Comprehensive | $$$$ | $$ - $$$$ |
Case Studies or Examples
For instance, let's take a homeowner in California. Due to frequent natural disasters like wildfires, they opted for an HO-5 policy. While this decision led to higher premiums, it offered them peace of mind with more extensive protections.
User Experiences and Feedback
Insights gained from user experiences can further inform potential buyers. This kind of data can reveal if existing customers feel their policies met their needs, thereby proving effective in times of crisis.
“Choosing the right homeowners insurance changed my perspective on property investment. It's essential as much as my mortgage.” – Homeowner, New York.
Expert Recommendations
Tips from Financial Advisors
- Evaluate your property risks: Experts advise taking the time to assess what risks your home may face based on its location and construction.
- Consider adding coverage options: Optional riders could give extra protection for specific circumstances, like flooding.
Best Practices for Selecting Financial Products
- This begins with comparing policy details from multiple insurers before making any commitment.
- Evaluate customer reviews and performance history for insurance companies before choosing.
Suggested Frequently Asked Questions (Questions and Answerss)
Q: How often should I review my homeowners insurance?
A: It is advisable to review your insurance policy annually, or after significant life changes.
Q: What is not typically covered by homeowners insurance?
A: For many homeowners insurance policies, standard exclusions include intentional damage and acts of war.
Steps Toward Implementation
Practical Steps for Users to Take
- Evaluate your specific insurance needs.
- Shop around for quotes from different insurers.
- Review policies carefully before purchasing.
- Regularly update policies as needed.
Tools and Resources for Assistance
- Utilize online calculator tools to estimate insurance costs.
- Reference educational materials from sites like britannica.com and en.wikipedia.org for further insights.
Important Considerations and Warnings
Be cautious with the premiums versus coverage balance. Sometimes lower premiums may lead to substantial risks. Don’t merely opt for the cheapest coverage. Safety must also be prioritized.
Understanding Homeowners Insurance
Homeowners insurance serves a fundamental role in protecting one's largest investment—property. Its significance in the financial planning landscape is immense. Understanding the intricacies behind homeowners insurance not only equips homeowners with the knowledge to make informed decisions, but it also ensures preparedness against unexpected liabilities.
In this section, we will delve into the definition and purpose of homeowners insurance, defining critical terms and outlining what is included in such policies.
Definition and Purpose
Homeowners insurance is a multi-faceted form of coverage, primarily designed to protect homeowners from financial losses connected to their property. It covers a range of scenarios such as damage from fire, theft, or natural disasters. However, it also functions as a liability policy protecting the homeowner against claims arising from injuries that occur on their property.
Each policy’s terms and coverage can vary significantly. Thus, having a thorough grasp of these elements is vital. Homeowners must understand what their policy covers to avoid costly surprises, especially during the claims process. Additionally, knowing the limitations helps homeowners to evaluate if heed must be taken to amend or augment their coverage.
Types of Homeowners Insurance Policies
Different homeowners insurance policies cater to diverse living situations. Here we will discuss:
HO-1: Basic Policy
The HO-1 policy represents the most basic form of homeowners insurance. While appealing due to its lower premium, it covers only a limited number of perils, including fire and theft. Because of its narrowed coverage, this policy type is less common today, often seen as inadequate for most homeowners' needs.
HO-2: Broad Policy
The HO-2 is a more comprehensive option, offering coverage for various mishaps apart from those listed in basic plans. It covers the home’s structure and property against more named threats. However, it might not cover personal belongings outside of the home or some specific natural disasters.
HO-3: Special Form Policy
Considered one of the most popular choices, the HO-3 policy provides an “all-risk” approach excluding specific disasters. It protects the structure against any peril not listed as an exclusion, offering broader peace of mind. Owners consequently see this plan favor sought after in many households.
HO-4: Renters Insurance
For tenants, the HO-4 policy provides essential coverage for personal possessions while acknowledging that the building itself is not covered. This allows renters to protect their sites against damages or losses without paying for a full homeowners policy.
HO-5: Comprehensive Policy
The HO-5 functions as an upgrade to the HO-3, too. It covers more possessions and also takes an all-risk stance while providing enhanced levels of protection. Individuals require high levels of accountability might find this level appealing.
HO-6: Condominium Insurance
This policy protects condominium owners and their shared living spaces. While this coverage extends to personal belongings, it acknowledges that part of the property comes under a collective homeowner code, covering up to the shared walls.
HO-7: Mobile Home Insurance
Fitting in relation to mobile or manufactured homes, HO-7 ensures these properties again receive proper care against labeled tragedies. Given strict housing distinctions, this protects these homes distinctly apart from standard household protections.
Understanding these types systematically delivers deeper insights into choosing appropriate policies according to one's needs and encourages the right choices for home protection.
Factors Influencing Insurance Costs
Homeowners insurance costs are not uniform; they vary based on multiple factors. Understanding these influences is essential for anyone evaluating their insurance options. The costs significantly depend on geographical location, property characteristics, and individual circumstances. By identifying factors that influcene the insurance expenses, homeowners can make better-informed choices and potentially lower their premiums.
Location of the Property
Neighborhood Crime Rates
Neighborhood crime rates play a crucial role in determining homeowners insurance costs. Homes located in areas with high crime are considered riskier for insurers. Insurers often analyze crime statistics to assess the potential for theft or vandalism. Higher prevalence of burglaries or property crimes means potentially higher premiums.
Moreover, the nature of crimes matters. For instance, if most incidents in a neighborhood are minor, insurers might not raise costs significantly. This allows homeowners in safer neighborhoods to enjoy lower rates. Thus, the key characteristic is the correlation between crime data and premiums.
Proximity to Fire Departments
Another aspect is the proximity to fire departments. Homes closer to a fire station typically receive lower premiums. Quick access to emergency services can mitigate damage from fires before they spread significantly. Many insurers check the distance of property from the nearest firehouse, which is a significant factor in their assessment.
A unique feature of this parameter is how even a few houses in between can make a difference. For example, being two miles away can increase costs over those living one mile away. The advantage here is obvious: Insurance providers aim to limit their risk, leading to the beneficial effect of lowered costs for well-placed homes.
Risk of Natural Disasters
Natural disasters pose another layer of complexity. Homes located in flood zones, tornado belts, or areas susceptible to earthquakes encounter different risk assessments. This risk factors directly impacts insurance pricing, making it higher for homes in severe weather-prone areas.
States that frequently experience specific disasters often have higher average rates. A unique feature of hurricane-prone areas could include vibrant insurance options, but costs may skyrocket, impacting decision-making on insurance. By being aware and prepared, policyholders can address potential vulnerabilities based on their locality.
Property Characteristics
Age of the Home
The age of a home influences insurance premiums considerably. Older homes often have outdated electrical systems, plumbing, and structures that can lead to greater risk of homeowner claims. Insurers appreciate newer homes, which frequently use modern materials and building codes aimed at reducing hazardins. The potential for extensive repairs or restoration due to aged infrastructure poses a notable risk to insurers.
Homebuyers look at age not only in terms of expense but also depreciation might be expected with older houses. Understanding nuances found in warranties or coverage can play a significant role as well— for this analysis, age is a crucial and overshadowing aspect to consider.
Building Materials
Building materials determine a home's overall risk profile. For instance, homes built with fire-resistant materials might incur lower premiums compared to those made of wood, which is easily combustible. Wood frame homes have different cost risks relative to masonry or brick constructions. Insurers categorize risks based on material choices made by homeowners.
Another aspect noted in evaluating material types centers on trends in durability. Absence of high-quality materials signifies a weakness in home integrity over time; homeowners should always conduct thorough research on modifying materials for insured risk profiles.
Square Footage
The size of a house impacts home insurance costs. More square footage generally means higher insurance premiums since there are more opportunities for potential claims in larger spaces. They typically require more extensive coverage due to their greater value, leading some companies to implement their own algorithms around how coverage should be factored.
Additions to home square footage impact layout and spaces not usually occupied. Optimal utilization and the cost incurred to rebuild after damage should impact homeowner expectations involving insurance coverage.
Renovations and Upgrades
Renovations and upgrades increase property value and may affect insurance costs. Those who make significant enhancements often require more comprehensive coverage to protect increased investments. Some renovations improve safety, such as new wiring or plumbing, which can lead to a healthonder innings when seeking further discounts. New private Earthquake resistance mechanisms were include which typically enhance safety ratings attached to insurers assessments.
While renovations provide boosts that insurance may help cover better, some remodels yield opposing risk benefits. It all falls down to an imperative that plays a practical role for understanding deductibles: each element must be assessed based on warranties and specific reportable precision across related work done.
Personal Factors
Credit Score
A homeowner's credit score significantly impacts insurance premiums. Insurers elderly inspect detailed credit histories to evaluate the potential value against associated risks. Higher credit ratings often equate to lower insurance rates, reflecting responsible behavior relative to insured property. It reflects new housing qualities requested under formal systems guiding allocations on ownership coverage.
Claims History
Claims History matters considerably—an insured person's previous claims divulge hints of reliability. Policies can get burdened by continued losses. If numerous claims for property damages existed, insurers often raise premiums for that consumer or doubt their ability to accomplish yokeliness.
The historic recall influences anchoring enormities from complex interplay originating with how often people seek repairs. One consideration that repost is obtaining accurate frequency records can diversify recent arrays with ongoing validity dependence within contracts undertaken.
Home Security Features
Home security features such as alarm systems or cameras can enhance homeowners' safety while potentially leading to lower premiums. Insurers recognized positive function coinciding improvements to security measure utilization in residential spaces.
However, the correct compatibility and improved application need discussions for those policy dynamics inside features chosen warrant these kinds systematic ranges leveraging successfully placed guard protocols serving consolidated strengths securing your household wherever fundamentally find field aspirations viability sufficient acting time any associated dimensions remain ongoing to impactful covenants made between parties!
Estimating Insurance Costs
Estimating insurance costs for homeowners is a crucial topic as it affects both short-term and long-term financial planning. Knowing the potential expenses involved helps individuals budget better and makes it easier to compare different insurance products available in the market. It is not only about understanding the average costs but also about recognizing the factors that influence those costs.
Several aspects come into play, such as personal circumstances, property conditions, and geographical location. Articles that detail insurance costs provide valuable insights into selecting the right home insurance policy while also considering the unique aspects of your individual situation. This understanding allows homeowners to engage with their insurance decisions more confidently and wisely.
Average Cost of Homeowners Insurance
Homeowners insurance plays an integral role in providing financial protection for your residence. However, costs vary widely across different regions. In general, the average annual premium for homeowners insurance in the United States tends to be around $1,200, although this statistic can increase significantly depending on various factors.
Several elements significantly influence this average cost:
- Property Location: Homes in areas prone to natural disasters tend to be at a higher average.
- Home Characteristics: The size of the house, alongside upgrades such as swimming pools or security systems, can alter the cost of premiums.
- Coverage Limits and Deductibles: Changing certain details in the policy such as deductible amounts can impact the insurance rates.
Calculating the exact figure requires analysis based on specific features relevant to each homeowner's property.
State-by-State Variations
Understanding how insurance rates can diverge significantly from state to state is essential for prospective homeowners as well. In some states like California and Florida, homeowners might pay much more due to high risk of earthquakes and hurricanes, respectively. Other states, for instance, have fewer risks tied to natural disasters, generally translating to lower premiums.
Certain factors shape the variations:
- Legislative Environment: Different states have varying regulations affecting premiums.
- Consumer Loss Trends: Panels overseeing insurers may react accordingly to historical loss trends, impacting costs. For instance, if an area has recorded numerous claims, the costs may reflect these past patterns.
Being aware of these regional differences allows homeowners to make geographically-informed insurance decisions.
Using Online Calculators
The rise of technology provides homeowners with convenient tools to estimate their insurance costs through online calculators. These calculators allow individuals to input key information relating to their homes—such as age, building materials, and personal circumstances—and receive an estimated premium.
While results from calculators may differ, they offer an excellent starting point for understanding potential costs. Benefits include:
- Time Efficiency: Immediate feedback can help busy individuals make faster decisions.
- Informed Comparisons: Using multiple scenarios helps homeowners assess what they might expect in terms of rates.
- Customizability: Each input leads to a more tailored estimate based on personal situations.
In sum, estimating insurance costs is multidimensional and reflects the many determining factors, providing a thorough landscape to navigate when seeking homeowners insurance.
How to Reduce Homeowners Insurance Costs
Finding ways to lower homeowners insurance costs is crucial for managing long-term expenses. It required understanding of different strategies. A lower premium can ease financial burdens. Homeowners may believe they have little control over their insurance costs, but proactive steps can lead to significant savings. This section delves into practical techniques homeowners can adopt.
Shop Around for Policies
The insurance market is highly competitive. Homeowners should not settle for the first policy they come across. By comparing various options, individuals can discover better coverage at lower costs. Each insurance company evaluates risk differently. This affects premiums.
Homeowners should reach out to multiple carriers, request quotes, and compare what is offered. Some insurers may provide discounts for specific affiliations. Online quote generators or agency websites facilitate this process, making it easier to find better rates. Remind to also check local agencies. Some smaller companies can have favorable rates.
Increase Your Deductible
Raising the deductible can effectively lower the premium. The deductible is what you pay out of pocket before the insurance kicks in. A higher deductible impacts your monthly payment rate. It means homeowners should prepare themselves for potentially higher savings. However, it also means readiness to cover certain losses. Analyze your financial situation to determine what level of deductible is secure.
It's advisable to calculate how much premium you will save by blind bringing up deductibles. Sometimes a few hundred dollars in deductible can reduce 500 or more in premiums each year. As a result, assess risks wisely and ensure that you can handle elevated emergencies.
Bundle Insurance Policies
Many insurers provide attractive discounts for bundling different types of insurance coverage. If you need multiple policies, consider using the same company. This option can result in a reduced overall cost. Common bundling choices might include homeowners insurance combined with auto insurance, for instance.
When looking for bundled options, analyze all coverage elements carefully. Make sure that combining is worth it. Few companies will offer all types, so be aware of available options in your area. This step is quite achievable for households looking to cut down on total cost effectively.
Implement Home Security Measures
Insurance companies often reward efforts to secure a home. Simple steps like installing an alarm system, deadbolt locks, or security cameras bring potential to lower premiums. Better home security means lower risk for providers, who may offer discounts in exchange. The precaution demonstrates a proactive attitude toward prevention of theft and damage.
Explore potential local benefits for home security systems. Insurance discounts range largely depending on the security features available when calling agents. Homeowners could benefit even more with systems that link alarms personal devices.
Important Note: Investing in good security measures is usually cheaper in the long-run while bringing total peace of mind as well.
Understanding Insurance Terminology
Understanding insurance terminology is crucial when navigating the world of homeowners insurance. Knowledge of specific terms such as premiums, deductibles, and exclusions can significantly impact your financial planning and decision-making process. Grasping these concepts allows homeowners not only to understand their policies more thoroughly but also to engage more meaningfully with insurance agents when making inquiries.
Having a solid comprehension of key terminology helps demystify the fine print in insurance documents. It empowers you to identify areas where you can save money, potential pitfalls that could lead to denied claims, and ensures that you make choices that align best with your financial goals. In essence, being well-versed in these terms helps in more effective comparisons among policies, facilitating informed decisions related to costs and coverage.
Premiums, Deductibles, and Copays
Insurance premiums are the amounts you pay periodically to maintain coverage. Typically, the higher the risk associated with a property, the higher the premiums will be. Therefore, understanding your premium structure is essential for accurate budgeting. Key factors influencing the premium amount include the property’s location, its value, and the type of coverage selected.
Deductibles represent the out-of-pocket expenses incurred before insurance begins to pay for a claim. Setting a higher deductible can lower premium costs but carries the risk of higher out-of-pocket expenses when claims arise. Homeowners must evaluate their financial ability to manage unforeseen expenses when selecting a suitable deductible.
Copays are usually associated with health insurance but can have parallels in certain scenarios, such as additional costs homeowners may encounter when opting for specific services or coverage enhancements.
Exclusions and Limits
Exclusions are critical aspects defined in standard insurance policies. They specify types of damage or risk that the coverage does not protect against. Common exclusions can include natural disasters such as earthquakes or floods, which may require separate policies. It is crucial for homeowners to know the exclusions related to their policy to avoid misunderstandings that can result in unexpected financial burdens during the claim process.
Insurance limits also play a significant role in coverage. These limits define the maximum amount an insurer will pay for a covered loss. Homeowners need to pay close attention to these limits in aspects such as liability coverage or personal property protection. Underestimating needs or opting for lower coverage can pose considerable risks if a significant loss occurs, potentially leading to substantial out-of-pocket costs.
Replacement Cost vs.
Actual Cash Value
The concept of replacement cost and actual cash value are basic yet fundamental in the realm of home insurance. Replacement cost refers to the amount needed to repair or replace damaged property without considering depreciation. This kind of coverage ensures that you can get back to where you were before a loss, assuming modern pricing of construction or repair.
In contrast, actual cash value factors in depreciation. It calculates what your property is worth at the time of the claim, taking into account its age and wear and tear. This could potentially lead to lower payouts during claims. Selecting between replacement cost and actual cash value should be assessed carefully against your needs to ensure complete financial preparedness in case of loss.
Being knowledgeable about insurance terminology equips homeowners with confidence. It facilitates constructive discussions with providers, ensuring coverage aligns well with expectations.
Review and Compare Insurance Policies
Reviewing and comparing insurance policies is a vital step in the process of selecting the right homeowners insurance. This process helps homeowners understand the landscape of available options and allows them to make smarter, more informed decisions regarding their personal finances. In the competitive world of insurance, benefits outweigh the price, and this section will discuss significant elements and considerations.
Key Features to Consider
Examining specific features is important when reviewing policies, as different insurers offer various coverages and services. Here are some key elements to keep your eyes on:
- Coverage Amounts: Understand how much coverage each policy provides. This influences the payouts in case of any damage or loss.
- Limits and Exclusions: Be aware of what is included and what is excluded in each plan. Knowing any exceptions helps in avoiding surprises later.
- Premium Costs: Compare premium costs but also consider the coverage offered for that cost. Cheaper premiums do not always mean better deals.
- Deductible Levels: This is the amount residents must pay out-of-pocket before the insurance coverage kicks in. Higher deductibles often lower premium costs but increase personal financial exposure in times of need.
- Customer Reviews: Insights from current policyholders offer practical experience about how claim processes work with various insurance firms.
Homeowners should evaluate these aspects to determine the best fit for their needs. Ultimately, the goal is to secure comprehensive protection at a reasonable rate.
Finding the Right Insurance Agent
Choosing the right insurance agent can facilitate the selection process significantly. Agents play an essential role in guiding homeowners through policy comparisons and offering insights based on their experience. Here are some considerations:
- Qualifications and Credentials: Check if an agent holds proper licenses and designations. This indicates they have met specific industry standards.
- Experience: Find someone with a strong background in insurance, particularly in homeowners policies. An informed agent understands the market nuances.
- Compatibility: Look for an agent who actively listens and prioritizes your individualized needs, as good communication builds trust.
- Reputation: Research the agent's reputation in the market. Recommendations and reviews based on past client experiences are useful here.
Choosing an agent is a partnership decision. The right agency can simplify complexities in insurance, making clear the previously daunting considerations through a structured review of options and professional advice on choosing policies.
"The right insurance agent acts as a bridge, connecting you with the best policies tailored to your personal situation."
With the proper guidance and review processes in place, homeowners increase the likelihood of securing the most beneficial insurance arrangement. Making informed decisions requires diligence, attention to detail, and clear understanding of policies.
Final Thoughts
In an expansive landscape where homeowners insurance plays a crucial role in protecting investments and ensuring financial stability, understanding all facets of insurance terms and estimated costs becomes indispensable. The bottom line is, properly optimizing your homeowners insurance will fundamentally influence not only potential annual savings but also the overall peace of mind with your property ownership experience. The importance of thorough consideration when selecting your policy cannot be understated. Here are some essential elements to keep in mind.
- Awareness of Coverage Needs: Consider your specific needs based on location, property type, and personal preferences. Different homes require different levels and types of protection.
- Review Regularly: Saving on homeowners insurance should be viewed as an ongoing endeavor. Reassess your policy periodically to ensure you aren’t missing opportunities for discounts or updates in coverage.
- Consult with Professionals: Do not hesitate to seek insight from insurance professionals. Their knowledge can guide you to tailored solutions fit for your unique situation.
“Proper understanding and planning around homeowners insurance can turn a potential financial burden into a manageable aspect of asset maintenance.”
Next Steps for Homeowners
As you proceed on your journey towards choosing the right homeowners insurance, focusing on actionable and strategic steps becomes crucial. With layers of policy options, being proactive rather than reactive will empower you in matching policies to your necessities. Consider the following next steps:
- Conduct In-Depth Research: Initiate a comprehensive investigation into different types of homeowners insurance policies. Use resources that gather customer experiences such as forums or property insurance websites to make informed comparisons.
- Get Multiple Quotes: Request quotes from different companies. This practice helps in understanding market rates and identifying a competitive coverage offer which may best suit your situation.
- Analyze Feedback: Read reviews or testimonials related to each insurance policy. Often, the quality of service offered is just as important as the financial aspects.
- Understand Local Regulations: Recognize that municipal regulations may affect your insurance. It’s essential to remain updated with guidelines specific to regions, inverse natural disaster patterns, or community-based insurance requirements.
- Refer to reputable platforms like Wikipedia or Britannica for fundamental insights.
With these steps in hand, homeowners can navigate through the complexities of coverage options confidently.
Long-term Financial Planning
Engaging in long-term financial planning, particularly regarding homeowners insurance, is a fundamental strategy for protecting your assets over time. Thoughtfully deciding on insurance policies shapes not just immediate financial commitments but culminates in long-term savings and risk mitigation.
- Review Your Financial Health: Understanding your financial standing is paramount. Analyze your earnings, expenditures, and any credible debts that need paying off. A healthier financial base allows for better decision-making when picking insurance plans.
- Incorporate Insurance into Your Broader Budget: Ensure your homeowner insurance costs integrate into your long-term budget. Allocating resources clearly simplifies overall financial vision.
- Evaluate Investment Growth: Periodic reviews of how well your insurance policies are performing against property value increases is advisable. This understanding influences whether to continue, change, or update coverage as home values fluctuate.
