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	<title>New answer on: Can A State Mandate The Use Of A Specific Building Cost Estimator By Law or Regulation?</title>

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		<title>By: Scott W Johnson</title>

		<link>https://insurancelibrary.com/home-insurance/can-state-mandate-use-specific-building-cost-estimator-law-regulation</link>

		<dc:creator>Scott W Johnson</dc:creator>

		<pubDate>Wed, 12 Oct 2016 21:22:34 +0000</pubDate>

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		<description><![CDATA[Can a State Regulator mandate it is a question for the Lawyers, Insurance Regulators, and Judges.

Do they?   Well it would depend on each and every state insurance regulator.

In California each insurance agent is required to take a home rebuild valuation course:  
&quot;On or after June 27, 2011, every California resident fire and casualty broker-agent and
personal lines broker-agent who has not already taken a homeowners’ insurance valuation
training course must satisfactorily complete one three-hour training course on homeowners’
insurance valuation meeting the requirements of this section prior to estimating the replacement
value of structures in connection with, or explaining the various levels of coverage under, a
homeowners’ insurance policy. &quot;

Section 8 includes: &quot;(8) Review of the various methodologies of estimating replacement cost including:
(A) Proprietary replacement cost valuation tools;
(B) Real estate appraisals;
(C) Insurance company’s valuation software;
(D) Contractor’s and architect’s estimates or opinions;
(E) Cost per square footage estimates; and
(F) Insured’s opinion. &quot;

You can read the entire California Regulation (REGULATION FILE REG-2010-00001 ) here: https://www.insurance.ca.gov/0400-news/0100-press-releases/2011/upload/nr087NEWHOregs1.pdf]]></description>

		

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		<title>By: David Hurd</title>

		<link>https://insurancelibrary.com/home-insurance/can-state-mandate-use-specific-building-cost-estimator-law-regulation</link>

		<dc:creator>David Hurd</dc:creator>

		<pubDate>Mon, 19 Sep 2016 15:25:38 +0000</pubDate>

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		<description><![CDATA[Insurance companies use several rebuild cost estimator tools to predict the value of a home.  The replacement cost is based upon cost of materials and projected inflation  factors. I have not heard of state mandated standards. I would ask the agent preparing the quote on what resources that company uses to calculate the rebuild / replacement costs for that property. If the answer is unclear or the calculation is less than previous value,  I would advise that person to search for a company with an estimator tool to protect their most valued resource. There is no reason to go cheap when it comes to protecting a client&#039;s home.]]></description>

		

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		<title>By: Thad Bynum</title>

		<link>https://insurancelibrary.com/home-insurance/can-state-mandate-use-specific-building-cost-estimator-law-regulation</link>

		<dc:creator>Thad Bynum</dc:creator>

		<pubDate>Mon, 29 Aug 2016 14:20:41 +0000</pubDate>

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		<description><![CDATA[This is a tough question because although a state could mandate the use of an estimator,  I am not aware of one that does.   As I am licensed in Georgia only I have several home owner companies and they each use their own estimating program.  Several use the Marshall and Swift but not all of them.     I know that over the years I have had clients that wanted less coverage than what the estimators show.  Insurance agents are bound to insure homes to usually the full replacement cost to keep customers from being penalized at the time of losses for not having enough.]]></description>

		

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