It’s March, have you checked your homeowner’s insurance policy lately? Home prices have dropped dramatically and while you may not realize it, building prices have dropped here in the Fox Valley as well as nationwide. Odds are good that your costs to rebuild your home today are lower than 3 to 5 years ago. How can this help you today? With lower home construction costs, you might be able to reduce your premium for your insurance policy. Contact your insurer for details! The best way to find out is to have your current insurance company run a re-assessment on your home’s value. This value is not the same as market value! When an insurer re-runs an assessment, however, this is a one time chance to lower your rate. If the new assessment comes back higher, you cannot have them turn it back to the lesser value. Be sure to consider this factor before you ask for the assessment. And remember-homeowner’s policies usually only cover 80% of the ASSESSED value of your home. If you have catastrophic damage to your home, you must still pay your full deductible and the 20% not covered by the insurance itself.