Ensure you don’t fail to subtract the land’s cost from your home’s value as you apply for a home insurance policy (Particularly if you want a cheap home insurance quote). A good number of people pay much more than they should on home insurance due to this mistake. Insuring your home for the full price you bought it without deducting the land’s cost is an expensive error.
For those who have mistakenly done this, call your agent and check your home insurance coverage again. Subtract the land’s value and you’ll realize that you’ll need far less coverage. Doing this will lower your premiums by a huge margin and still leave with sufficient home insurance coverage. Bearing in mind that insurance is for valuables that can be lost or damaged, insuring the land which can neither get lost or damaged isn’t right.