I'm sure that your agent or Travelers representative will be able to help you file a claim and settle your loss, as well as answer any other questions you might have. At the same time, my homeowners insurance premiums have continued to rise. It's going to be a while before I can even hope to sell my home and recoup my investment. I understand that. You're not alone.
Many people believe their homeowners insurance coverage is based on their home's market value.
So, when their annual policy renewal arrives in the mail, they can't understand why their insurance premium has increased while the market value of their home has either decreased or remained stable. In fact, your homeowners premium is not based on your home's market value. It's based on your home's estimated replacement cost . This is an important difference. In today's economy, a home's replacement cost is often higher than its market value.