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Old 08-22-2015, 01:43 AM
 
Location: Riverside Ca
22,146 posts, read 33,387,997 times
Reputation: 35433

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Quote:
Originally Posted by like-2-hike View Post
I just got a quote back and was shocked that they were valuing personal property at 2/3 of the structure. They were quoting $300k for structure and $210k for personal property inside the structure. Who has $210k of crap inside their house? I asked the agent if she could drop it down to say $30k, and she said it's a computed value based on structure value.

For any industry people out there - how do you estimate replacement cost? The agent asked me what the replacement cost would be and I honestly have no idea - I'm certain it's not tied to purchase price, however.

Add up replacement costs. Two 50k cars , a few Apple laptops, a few high end $4000 TVs, a few high end guns, nice furniture, etc, stove, fridge etc. start adding up everything in your house you'll be surprised how much stuff costs.
My replacement costs for my work truck ( when I had work trucks ) was 70k if I were to buy new. Truck 60k, work body 10k. And that didn't include 6-7k in tools. Never mind materials. I had it insured with agreed upon value of 85k.
Replacement cost is what is comparable to new IMO.
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Old 08-22-2015, 07:31 AM
 
4,676 posts, read 9,964,195 times
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There are online inventory forms you can use to tally the replacement costs of your stuff.

It's very tedious if you are a packrat.

Fine art, antiques, jewelry, furs and other luxury items should be totaled separately.
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Old 08-23-2015, 09:19 AM
 
Location: Raleigh, NC
19,399 posts, read 27,708,724 times
Reputation: 36051
Quote:
Originally Posted by ocngypz View Post

Fine art, antiques, jewelry, furs and other luxury items should be totaled separately.
And probably insured with a personal property rider.
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