How Often Should I Get My Home Appraised?

If you have not done renovations to the house, and the house is insured on a "guaranteed replacement value" (GRC) basis, this should not necessarily a major concern. Usually this is printed on your homeowner policy. Insurance does not consider the market value of the home but the actual reconstruction cost.

However, you could have it checked if you felt rebuilding costs had increased substantially or if your home does not qualify for this GRC. Examples of a home that might not qualify would include a seasonal dwelling, a rental property or a mobile home.

High-end homes will automatically have an appraisal done by the insurance company to be sure that the limit is adequate.

Discuss this with your advisor and usually your broker will assist you in completing a replacement cost calculator (RCT).