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amyann16 | Appraisal value of a home and the rebuild value given by your home insurance, should they be close in value? |
Are they generally close? Or is one generally much higher than the other? |
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rmarin55
 |
------- Market Value or Sales Price had little to do with rebuild "value" or "cost"------------ Sales or Market Value is generally based on a "Sales Comparison Appraisal" --- meaning a real estate appraisal, generally used to establish a sales price or a loan value. This is generally determined by the sales price of similair properties ( 3-4 comparisons) SOLD within the last 3-6 months within an a 1 - 3 mile vicinity. In other words-- " similar properties sold for $$$ within the last 3- 6 months in the area".
REPLACEMENT COST--- on the other hand is a hard fact---based on the cost of materials and labor for the area-
e.g.--- a building may cost $ 500 K. materials and labor---- to rebuild or replace------ but because of location -- area -- desirability-- etc etc- it may SELL for $750K--- and of course for the same reasons or lack of---- it may SELL for only $300 K but it would still cost $500 to build.
Other factors to take into consideration---
e.g-- when a developer builds a tract of homes with a volume of construction: there is less cost in materials, labor force, equipment and "accessibility". (generally open land to allow access to multiple units at the same time--) for construction.
To replace or re-build the same structure on an individual basis would be much more expensive.
Thats a little more info----- |
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love2shop
 |
No, they are not close. A rebuild value is much higher. Building supplies and other things are much more costly today then they used to be. You can expect the rebuild value to be 2-3 times the appraisal value. |
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mnk716
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I was a claim adjuster for a major insurance co. Insurance values have NOTHING to do with market values of a home. I would disagree with the other answers.
To rebuild your home is the actual physical property of the home. Market value includes land and other factors on the property. Insurance does not cover the land (land usually is not damaged), also foundations rarely are destroyed in a homeowners claim so you dont usually have to count that as well. Depending on your area a rebuild cost would be from $80-$150 sqft.
Normally the rebuild value is less than market value. For example your home costs $500k if you sold, but if you had to rebuild (except foundation) i doubt it would cost that much. A 3000 sqft home at $100 per sqfoot is $300k, even if you had some high end products i doubt it would reach $500k.
You also have personal property coverage which is separate from your physical damage. |
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mbrcatz
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No, actually, the only time they should be at ALL close, is if it's a brand new home.
Most of the time, especially with an OLDER home, the cost to rebuild exceeds the market value. Keep in mind, Market Value includes the cost of the land. Cost to rebuild, excludes land and foundation.
There are hundreds of old neighborhoods (ok, slums) where you can buy a gorgeous, three story home for under $50,000, but the cost to rebuild it is closer to $300,000. |
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kena2mi
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Cost to rebuild is usually higher, except in a really hot market, in part because to rebuild your house exactly like it is now it becomes a "custom" home. Insurance to rebuild your home is better and costs more, it's more stable and it protects both you and the insurer against volatile market conditions. |
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whatevit
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The Appraisal value of a home is dependent on the market (Real Estate) for an area. The value the Insurance company is faced with is THE REPLACEMENT VALUE. This value is the labor, material.
Insurance companies are not as interested in the finished property as they are interested in eliminating liabilities. The Insurance Co. will under insure your property.
It is the responsibility of the insured to raise the coverage level to the Apprised level as much as they can. |
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