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Old 09-21-2011, 04:30 PM
 
156 posts, read 264,543 times
Reputation: 44
Default How to figure out Replacement cost of a house on Long Island

I am shoping around homeowners insurance. I am having trouble figuring out what to say my replacement cost of my house is???

Any ideas how to figure that out?
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Old 09-21-2011, 04:50 PM
 
Location: under the beautiful Carolina blue
8,821 posts, read 9,682,043 times
Reputation: 4802
Why aren't they figuring that out for you? They should be plugging house size, material it's built out of etc into a formula to get the amount of insurance you need.
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Old 09-21-2011, 04:53 PM
 
Location: Islip,NY
11,151 posts, read 7,523,452 times
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Yeah twingles is right the insurance Co. should be figuring that out for you.
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Old 09-21-2011, 05:01 PM
 
Location: Where my bills arrive
3,416 posts, read 3,426,235 times
Reputation: 2002
The insurance should do it than you can either agree or argue for a higher replacement cost. I did on mine pointing out details that would cost a premium to recreate. My agent agreed and the home was insured for a higher value...
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Old 09-21-2011, 05:12 PM
 
Location: Copiague, NY
1,499 posts, read 1,297,929 times
Reputation: 2319
Consider first, what you paid for your house and what it would take financially if you suffered a disaster, to break even. Look at real estate listings, what the asking price
may be for similar dwellings, and the current downtrend in the housing market. Like playing the stock market, you'll be speculating as to whether you will ever need to collect on the
policy or not, factor-in the most probable calamity, and cover your liabilities accordingly. Is the deductable so high that covering that number would be an impossibility in itself? Are
you in a flood zone, vulnerable to exhorbitant premiums, largely because of the recent toll that was taken by hurricane Irene? personally, I'd believe that a devastational event would
have many of us Long Islanders more worried about survival against the elements, than support from our insurance agents. Take a lesson from Katrina and how the insurers dragged
their heels in making good on many policies, situations not too unlike the mortgage crisis where so many people fell into the classical trap of neglecting to read the fine print in their
policies. Owning a home is a wonderful thing, but by the time a buyer or an existing owner is done being hornswoggled by contractional dogma, the smart owner would have to engage
a lawyer to delineate the policy. Insurance is not too different from playing the odds at a casino, hit or hold, it's all in the domain of fate and every day that goes by as you make those
policy payments, it's a gamble. Surely, your mortgage broker will be able to guide you, mandating a level of coverage that will range from minimal, to overloaded. Do a self assessment,
consider what it would take for you to "start over", look at your budget and be reasonable about the potential for filing a claim. We're truly in precarious times these days but a financial
disaster is just as plausible as a natural disaster and as for me, I'd put my trust in God, long before I'd be trusting a well commissioned broker.
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Old 09-21-2011, 11:38 PM
 
162 posts, read 267,752 times
Reputation: 50
Insurance companies use a replacement cost estimator which is based on square footage and materials in the house. Your insurance company or agent can ask the questions and get a replacement value based on the information provided.
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Old 09-22-2011, 06:32 AM
 
1,917 posts, read 2,870,907 times
Reputation: 748
Quote:
Originally Posted by LongIslandEddie View Post
Consider first, what you paid for your house and what it would take financially if you suffered a disaster, to break even. Look at real estate listings, what the asking price
may be for similar dwellings, and the current downtrend in the housing market. Like playing the stock market, you'll be speculating as to whether you will ever need to collect on the
policy or not, factor-in the most probable calamity, and cover your liabilities accordingly. Is the deductable so high that covering that number would be an impossibility in itself? Are
you in a flood zone, vulnerable to exhorbitant premiums, largely because of the recent toll that was taken by hurricane Irene? personally, I'd believe that a devastational event would
have many of us Long Islanders more worried about survival against the elements, than support from our insurance agents. Take a lesson from Katrina and how the insurers dragged
their heels in making good on many policies, situations not too unlike the mortgage crisis where so many people fell into the classical trap of neglecting to read the fine print in their
policies. Owning a home is a wonderful thing, but by the time a buyer or an existing owner is done being hornswoggled by contractional dogma, the smart owner would have to engage
a lawyer to delineate the policy. Insurance is not too different from playing the odds at a casino, hit or hold, it's all in the domain of fate and every day that goes by as you make those
policy payments, it's a gamble. Surely, your mortgage broker will be able to guide you, mandating a level of coverage that will range from minimal, to overloaded. Do a self assessment,
consider what it would take for you to "start over", look at your budget and be reasonable about the potential for filing a claim. We're truly in precarious times these days but a financial
disaster is just as plausible as a natural disaster and as for me, I'd put my trust in God, long before I'd be trusting a well commissioned broker.
Wow. Just wow.
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Old 09-22-2011, 07:10 AM
 
Location: Former LI'er Now a Rehoboth Beach Bunny
2,753 posts, read 2,629,594 times
Reputation: 1979
Not to be insulting here but bear in mind that your land will always be your land even of there were an explosion that leveled you house. Often times people forget that part of the equation when calculating the replacement value and when told the number they are shocked it is so "low" (low being relative). The agent should be giving you that number but you can get better info from a company called Marshall Swift Boeckh book "Residential Cost Handbook", it may be available in your local library and it updates a myriad of costs for replacing homes and is considered the bible for insurance agencies. Please note every agency figures this slightly differently but all should be in the same ballpark.
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Old 09-22-2011, 08:27 AM
 
855 posts, read 936,301 times
Reputation: 450
no matter what you come up with they will tell you the value. I have a large house and they have told me it would take $750,000 to rebuild. Try as I might they don't care and will not budge from that replacement cost so that's what i go with.
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