New Home, Old Policy? Make Sure Your Life Insurance Has Kept Up
Home values have gone up. Your coverage should too.
Over the last few years, buying a home has become a major milestone—and a major investment.
Whether you bought during the low-interest wave, or more recently during high competition and higher prices, chances are one thing hasn’t changed: your life insurance coverage.
And that could be a problem.
🏡 Home Prices Have Nearly Doubled in Some Markets
Between 2018 and 2024, average home prices have jumped significantly across the country. In some areas, they've increased by 40% or more.
That means someone who bought their first home in 2017 for $230,000 may now own a home worth $380,000—but still have the same $250,000 life insurance policy they got when they first started their career.
The mortgage grew.
Your income probably grew.
But your coverage? Maybe not.
| Homeowner Type | Avg. Home Price (2024) | Typical Life Coverage | Estimated Gap | Total Life Shortfall (assuming no add'l coverage) |
|---|---|---|---|---|
| First-Time Buyer (2017–2018) | $230,000 → $385,000 | $250,000 policy | $135,000 short | $350,000 or more |
| Recent Buyer (2020–2024) | $385,000 | $250,000 policy | $135,000 short | $485,000 or more |
| Upper-Mid Buyer (Dual Income / Upgraded) | $525,000 | $350,000–$400,000 policy | $125,000–$175,000 short | $650,000 or more |
🧾 Why This Matters
Life insurance isn’t just about replacing income—it’s about making sure your family isn’t left with debt they can’t manage.
If you were to pass away tomorrow:
Would your current coverage pay off the full mortgage?
Would it allow your family to stay in the home?
Would it cover rising living costs, or just the original house price?
It’s not just about protection—it’s about peace of mind.
✅ Homeowner Coverage Checkup
Use this quick list to see if it’s time for a life insurance review:
☐ Bought a home within the last 6 years
☐ Refinanced into a larger mortgage
☐ Still have the same policy you got before 2020
☐ Added a spouse, partner, or children since buying
☐ Plan to stay in your current home long-term
☐ Haven’t reviewed your policy in the last 12 months
If you checked two or more of those, let’s talk. It doesn’t mean you need a huge policy—it just means it’s worth reviewing your current one.
💡 The Good News: It’s Easier Than You Think
You don’t have to start over.
✅ Term life coverage is still affordable, even with increased amounts
✅ We can often add to your existing protection without a full reapplication
✅ We’ll work with your mortgage timeline to match terms (15-, 20-, or 30-year coverage)
✅ Some policies now offer living benefits, return of premium, or long-term value
We’ll show you what’s available, and you choose what fits.
✨ Final Thought: Protect What You Just Built
Buying a home is one of the biggest steps forward in life—and one of the biggest financial commitments.
Let’s make sure your protection keeps pace with your progress.
You worked hard for your home. Let’s protect it, and the people in it.
📞 Ready to review your coverage or add a supplemental policy?
We’ll keep it simple, honest, and easy.
Stockman Insurance Agency
📍 4202 Brainerd Road, Chattanooga, TN
📞 (423) 510-9197
🌐 www.stockmanagency.com
