How do I determine the value of my apartment or house?
Ask yourself if the amount you provided is sufficient to purchase a similar apartment or house in your area. Remember that the value of the property usually increases over the years. It's important not to underestimate it because if an accident occurs, the compensation may not be enough to cover the costs, such as buying a new apartment.
In insurance language, the value of your apartment or house is the insurance sum, which is the maximum amount you can receive in the event of a loss.
To illustrate... Suppose you want to insure an apartment you purchased 5 years ago for 500,000 PLN, and you're wondering how to determine its value. To do this, you can visit a real estate listing service and search for a property in a similar location with similar features. Let's say prices have risen, and now a similar apartment in the same neighbourhood costs 580,000 PLN (we wish you that!). Analyse whether this is the correct value – compare several offers and pay attention to different apartment sizes, technical conditions, and finishing standards. A small tip for comparing offers: base it on the price per square metre.
Was the article helpful?