What is the difference between market value and insurance replacement value?
When computing market value, the appraiser takes into consideration the square footage of your home, the community in which you live, its’ amenities and the land value of your property. When computing insurance value we use square footage, year built and type of construction along with the current construction costs in your area. We calculate what it would cost to rebuild with like kind and quality . Your mortgage will be based on your market value , therefore you may see values being different.
