Vice President/Agent, Best Rates Insurance Inc, Kalispell Montana
There are several way to do this. I do this several ways and each carrier has a way they like it done. The key is NOT to be under insured in a event of a loss it could cost you a ton of money.
There is call a Marshall Swift Program that many agents and carriers use This is use most often when doing a replacement cost value your agent should be asking you things like what type of carpet you have or hardwood or do you have any bay windows and ect.
The next thing to use is your state Property tax information which is usually can be found online at your states cadastral.
Now the 3rd way in my opinion is not the best way to determine the value which is the selling price and the appraisal that you get when you are purchasing your home. In many cases this has the land value included in it and you can not insure the land you are insuring the structures.
The best advise I would suggest is to talk to a local agent they can run a cost guide for you.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Because insurance companies issuing homeowner’s policies usually require that the home be insured to the full replacement value, it is best to allow your agent to make this computation for you. When asked about the home. Be careful not to overestimate or underestimate the quality of the home. If you are uncertain ask for definitions of “builder’s grade” for example. Normally companies will accept a recognized replacement cost estimate or the declaration of a builder that guarantees that they will rebuild the house for a specified amount. Property price is often the least accurate indicator.
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There is call a Marshall Swift Program that many agents and carriers use This is use most often when doing a replacement cost value your agent should be asking you things like what type of carpet you have or hardwood or do you have any bay windows and ect.
The next thing to use is your state Property tax information which is usually can be found online at your states cadastral.
Now the 3rd way in my opinion is not the best way to determine the value which is the selling price and the appraisal that you get when you are purchasing your home. In many cases this has the land value included in it and you can not insure the land you are insuring the structures.
The best advise I would suggest is to talk to a local agent they can run a cost guide for you.