It may not be required, but it could be a good idea. After all, your home is probably the most valuable asset you’ll ever have. If you are buying homeowners insurance for a new home, you can ask the builder to tell you the replacement cost for the house. If you are changing insurance companies, you can simply use the amount of coverage you currently have. However, it might be worth the effort to get a new appraisal if your home has not been appraised in a few years. If you’ve added to or improved the property you might not have enough insurance. Even though you don’t need a new appraisal every year, you should review your homeowner’s policy at least once a year to make sure you have enough coverage.