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Old 08-08-2016, 07:39 AM
 
122 posts, read 143,052 times
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Hi Guys,

How to get home insurance replacement cost for home insurance ? Do I need to hire replacement cost appraiser or try a online website like 360value. What is the cost to hire an appraiser?

Any inputs??
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Old 08-08-2016, 09:33 AM
 
582 posts, read 1,056,093 times
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Your insurance agent has the tools to calculate replacement cost.

Also, don't forget that you do not have to insure the land your house is on, so a 500,000 home may only cost 350,000 to replace as the land may be the other 150,000.
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Old 08-08-2016, 11:09 AM
 
122 posts, read 143,052 times
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Thanks Peabodyn
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Old 08-09-2016, 06:17 PM
 
Location: Long Island
8,393 posts, read 10,980,709 times
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Our dwelling (replacement cost) is about 75% of the home value if we sold today. Is this about in line with you guys?

This dwelling figure goes up every year, raising our premium, but we simply asked to keep it the same as previous years and they allowed it. Figure there's some overestimation in there to start.
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Old 08-11-2016, 07:41 PM
 
8 posts, read 3,696 times
Reputation: 11
Brokers have tools to estimate the replacement cost and Insurance carriers conduct an inspection of your home to evaluate the replacement cost.

Coverage increases every year due to the inflation factor built in to the policy contract which states that you need to stay 100% insured to value.
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Old 08-11-2016, 08:48 PM
 
Location: Former LI'er Now a Rehoboth Beach Bunny
7,078 posts, read 9,141,558 times
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Of course the land is land and will not go anywhere if the home were a total loss.
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