Questions to help set home replacement cost
Friday, October 23, 2020
Questions to help set home replacement cost
By Connie Groh
Consider unique features when establishing the insured value of your home.
When you’re buying homeowner insurance, how do you determine the replacement cost of your home? Many homeowners automatically base the replacement cost on the current market value. But that method could leave you with unpleasant surprises if you have a loss.
Your insurance agent can use cost estimator tools to complete a value for you. Here are some questions you can answer that will help your agent determine the most accurate suggested value for your home:
By providing as much detail as you can – along with any photos or videos of the home – your insurance agent should be able to give you a good starting replacement value.
- Was your home built in 1944 or earlier? Let your agent know if there is a registry plate or plaque on the home or if the home is in a recognized historic district.
- Have you completed any renovations on the home? Provide date completed, details of renovations and costs.
- What is the square footage of the total living area? Share your bank appraisal or prior inspection report with the agent. If you don’t have a report, your agent can check your county tax card for square footage.
- What type of foundation is under your home? Is it slab, crawl space or basement? If basement, is it a walk-out? What percentage is finished?
- Do you have a garage attached to the home? If yes, how may cars can it hold?
- Do you have any additional spaces? Include any half story, three-quarter story, screened or covered/enclosed porches, deck, outdoor kitchen or any other attached structures.
- What are the exterior features of the home? Consider roof material (shingle, concrete tile, slate); primary exterior wall covering (brick, vinyl siding, wood frame); and style of home (ranch, bi-level, colonial)
- What are the interior features? Don’t overlook:
- Window styles and brand (casement, double slide, transom)
- Floor coverings (wood, carpet, tile)
- Ceiling construction (standard, coffered, beamed, vaulted)
- Wall trim (crown molding, pilasters, custom molding, arched doorways)
- Kitchen cabinetry, countertops, backsplashes, high-end or luxury brand appliances
- Bathroom cabinetry, countertops, flooring
- Any rooms with built-in cabinetry
- Number of fireplaces
- Miscellaneous items (wet bar, ceiling fans, solar panels, walk-in closets, wine cellar)
- Unique items
Once your policy is issued, many insurance companies will have a home valuation expert conduct an inspection as a complimentary service to confirm accuracy and to document your home features. This gives you added comfort that your home is insured to value.
Finally, be sure to periodically review your homeowner policy to make sure your replacement cost coverage is still adequate, especially if you do any major renovations.
This loss control information is advisory only. The author assumes no responsibility for management or control of loss control activities. Not all exposures are identified in this article. Visit your local, independent agent for insurance coverage information and advice.
Info gathered from The Cincinnati Insurance Company
11/24/2020 - Avoiding Winter Pedestrian Haz
10/23/2020 - Questions to help set home rep
09/24/2020 - The Importance of Regular Car
08/24/2020 - Keep your child safe on outdoo
07/24/2020 - Fire up the grill, but follow
06/24/2020 - Pros and Cons of Buying a Hous
05/22/2020 - Do you have adequate homeowner
04/24/2020 - Tips for sanitation in the age
03/24/2020 - 10 ways to protect workers fro
02/21/2020 - Making Sure You're Properly Pr
01/20/2020 - Four Tips to Control Insurance
12/13/2019 - Online Identity Theft Preventi
11/19/2019 - Keep your home safe this holid
10/24/2019 - D.I.N.K.s need life insurance,
09/24/2019 - Cyber security essential for s
08/23/2019 - What to do when buying a new o
07/24/2019 - 5 questions to ask before help
06/24/2019 - 6 Surprising Insurance Facts a
05/24/2019 - Make Your Boat Shipshape for t
04/24/2019 - Personal umbrella policy: Your
03/19/2019 - What You Should Know About Flo
02/19/2019 - Do We Really Need Identity The
01/22/2019 - 3 Things You Need to Know Befo
12/18/2018 - Why a Personal Articles Policy
11/27/2018 - How to Protect Yourself from P
11/20/2018 - Flooded Homes: What Should You
10/23/2018 - Do You Need Flood Insurance?
09/18/2018 - Why Business Insurance is Impe
08/21/2018 - Questions To Ask Your Insuranc
07/24/2018 - To Get the True Protection and
06/19/2018 - The Positive Step of Getting L
05/22/2018 - 5 Things You Might Not Know Ab
05/21/2018 - 3 Questions to ask before maki
04/17/2018 - What Is Farm Insurance and Why
04/16/2018 - It’s almost wedding season! W
03/21/2018 - Spring means renovations…and v
03/16/2018 - Do I Need an Insurance
02/16/2018 - Things you Should Know Before
01/31/2018 - 3 Benefits of Boat Insurance Y
12/04/2017 - A New Year
07/01/2017 - What You Need to Know About Re
05/31/2017 - Which Auto Insurance Policy Is
04/04/2017 - Personal vs Contents Insurance
01/31/2017 - Life Insurance: Planning for Y
12/08/2016 - Umbrella Policies Weather Life