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Now Is a Good Time To Assess Your Home’s Replacement Value

8/22/2018

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Homeowners need to be aware of their home’s replacement cost, as this value is what will determine any claim settlement. Replacement cost is the actual cost to replace any personal property or structure to its pre-loss condition. Replacement cost can change from year to year, regardless of real estate trends.

How To Determine Your Replacement Cost
​

Personal property
The most important thing you can do to determine the replacement values of your personal property is to create a home inventory.
  • Create a digital record of every room. While you are videoing, describe each item and identify a replacement cost.
  • It may be useful to categorize clothing. For example, 10 pairs of men’s pants, 12 tee-shirts, 6 pairs of Nike shoes, etc.
  • Make sure you focus on high end items like jewelry, guns, computers and art work.
  • If you have expensive art, guns or collections, it would be good to have it appraised.
  • Update the inventory from time to time.
  • Keep the inventory in a safe or at a secondary location.
Your Home
Having an accurate replacement cost is critical in having the right amount of insurance.
  • Get an estimate or appraisal of the replacement cost of your home.
  • Talk to a new home builder in your area.
  • Determine the square foot construction cost (new) in your area and multiply by your home’s square footage.
  • Your insurance agent will have resources for you.
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not to be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher. ​

​Strive Insurance Group, Inc. | 701 N. Central Expressway Bldg 1|Richardson | Texas | 75080 | 866.538.8174
Photos used under Creative Commons from Randy Heinitz, dhublimited, Gamma Man, Nguyen Vu Hung (vuhung), roarofthefour, propertysnaps, Ada Be, Mire de rien
  • Home
  • About Us
    • Meet Our Team
    • Blog
  • Payments
  • Contact Us
    • Client Services >
      • Certificate of Insurance Request
    • Job Opportunities
  • Homeowners Quote
    • Auto Quote
    • Life Quote
  • Business Quote
  • Restaurant Insurance
    • A&E Insurance