How do I determine my houses replacement cost to get an accurate quote from insurance companies?
Well…a decent insurance agent should be able to tell you the average replacement cost in your area based upon a price per square foot value. Some companies will even have tools to input data about your home and come up with an estimated replacement cost…although these figures can tend to be out of date. If you want a true cost replacement value, you pretty much have to shell out around $300 for an appraisal or hire a contractor to give you an estimate. But if your home is of average quality for your community, the figure your agent provides should be pretty good. For example, in my area the average replacement cost is around $175-$200 per square foot. So if you have an average house that is 1500 sq feet, you would probably be looking at $300,000 in coverage. The cost per square foot estimate came directly from our Total Loss Adjusters…their entire job is rebuilding people’s burnt down houses. Now, if you have marble countertops and hardwood floors throughout, we’d want to raise t
