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Ken | Homeowner's Policy-Question about replacement value . . .? |
I just got a notice from my insurance company that they are raising my coverage for replacement of the dwelling. This is about a 50% increase over what I previously had (just switched to this company in June 07). I don't think the cost to replace my home will be what they are saying (approximately $160 per sq. foot). I would like to know how they arrive at the replacement cost so that I can make a reasonable argument to the insurance company (and now the mortgage company since they got notice) that my coverage should be lowered. Thank you in advance for any assistance. |
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Sue
|
Sounds like your new agent gave you a policy based on what you had with your prior carrier - he matched your coverage & issued the policy. The insurance company requires that a costestimator be sent to them to prove the replacement value. $160 per sq ft is very reasonable. If it was about a 50% increase, your old policy insured your house for about $105+- per sq ft which is unheard of at this time, maybe you could build a "camp" style, uninsulated, no foundation, minimal plumbing building with that. I recently had an insured build a covered porch for more than $160 per sq ft. Make a couple of phone calls, call a builder & ask for a going rate to build a house (standard house, nothing additional, no high end features) & see what he says. My guess is it will be close to what your insurance agent has. Anyway, the new estimators take into consideration what is inside the house, what is on the walls, floors, ceilings, built-ins, number of bathrooms & the quality of construction (basic, builders grade, semicustom, custom or designer) of the baths & kitchen, fireplaces, outside siding, roof, etc.
Ask your agent for a copy of the estimator, review it, see if any changes need to be made. Check the square footage, check what he has for siding, floors, bathrooms. Be aware though, if he has mostly carpet on the floor & you have hardwood floors, if he has vinyl siding & you have wood siding, etc, expect the estimator to go UP. The new programs are much more accurate than the old ones. If you were with your old company for a few years, he likely used the old estimator which was not nearly as detailed & they were usually low. Also, if your company only increased your dwelling limit 4% a year which many do, they weren't keeping up with the construction costs. For several years, the percent of increase of construction costs was anywhere from 6 to almost 9% per year. |
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Margarita D
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I work with the reconstruction software for multiple insurance companies. In my opinion they actually tend to be on the conservative side in terms of valuation. You should probably ask if the valuation is based on an actual inspection. If it is I would accept the figure.
If your home is insured for less than the replacement cost and you have a claim, you will be penalized by the same percentage that you are underinsured. In other words if the replacement value of your home is $200,000 but you only have it insured for $100,000 and you suffer a $50,000 loss--you will only receive a check for $25,000 less your deductible. This is called a co-insurance penalty. It is very important that your home is insured for the full replacement value or you will lose thousands of dollars if you have a claim.
Good Luck |
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mbrcatz
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Well, $160 per square foot is probably a bit low.
Your agent can tell you EXACTLY how they came up with that figure, but generally, they take the square footage of the house, multiplied by the number of stories, and plug it into a construction chart. Then they add in for extra features, such as (but not limited to) more than one bathroom, a fireplace, an attached garage, or finished basement or attic. Then they multiply THAT total by a "location factor" reflecting relative construction labor and material costs in your area.
You can ALSO make a reasonable arguement, by having a licensed general contractor come out, and give you a written estimate of how much it would cost to rebuild your house, with the same features it has now.
Usually I've found that when someone is contesting the insured VALUE of the house, they've got the MARKET value in their mind (or assessed property tax value). Of course, MARKET value is how much the house is worth to SELL. Insurance companies can't, for example, buy your kitchen though, if there's a kitchen fire. They have to REBUILD. So most of the time, the misunderstanding is what the value is based on - cost to REBUILD, not "market value". |
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Zarnev
 |
The insurance companies are generally pretty accurate in their replacement cost calculations. Those calculations are proprietary so there is no way to tell how they arrived at that figure. Be aware that it cost more to build a single house than it does to build that same house in a new subdivision. |
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ernesto_tig
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Was your house built before 1940? There are companies re-estimating the insured value of older houses because of the increased costs associated with rebuilding older homes.
Also, if the old policy you replaced is more than 10 years old, there's a possibility your replacement cost has not kept up with the high costs of rebuilding in your area.
Regardless, I'm surprised the agent who quoted your policy was off by 50%. He may have been quoting what you wanted, not what replacement cost actually is.
Replacement cost is difficult to discuss in 1000 words or less, but if you're interested: http://www.insuranceyak.com/?p=8
For a second opinion, check http://www.accucoverage.com/
(I'm not affiliated with this site) they charge $7.95 for a replacement cost estimate. |
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hollywoodmelody
 |
Insurance companies are well aware of what the market value of homes are in this market. But they have to adjust for brand new materials and as such will raise the replacement value accordingly. This should not affect your mortgage as the lenders are well aware of what the insurance companies are basing those replacement values on. If you want to lower your coverage, keep in mind that the value of what you have now compared to what the value will be in the future is to your advantage. This is whether or not you build in the same location or if damage is to much you may have to relocate a couple of lots over which is why the adjustment is made. |
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Migsoon
 |
A 50% rise in replacement cost? Who do they think they are, Exxon? The Pharmacy where you get your refills? The local government that does every 2 year "appraisals" and taxes you accordingly?
Nothing has gone up 50% in a year.
You shouldn't have to pay for an appraisal to get what your home is worth, and your finance company only needs insurance to cover the COST OF PAYING OFF YOUR LOAN!.
Ever see what happens in the worst case scenereo? The property that the building sits on is STILL THERE! Usually, the FOUNDATION is still OK. It's not a total start over even if it burned to the ground or was totally flooded or blown away.
True, your insuring "contents" and your stay in another living arrangement while the home is made better. But all these things are optional on some policies.
Get a real time figure, add cost of these items, and find a NEW insurance broker to get you a better deal.
Usually they are less expensive if you include your vehicle insurance coverage.
We have AARP / The Hartford as we are over 50. We have rentors and insure 2 vehicles for much less than quotes we got from several others.
Insurance is a "buyers" market. Do some investigating.Make sure your broker is licensed in your State and preferably has references. Good Luck! |
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Mark S
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Call 1 877 855 8111. The person you talk to will help you to find the most cost effective auto/home policy. Pin # kjpm8 sherbert for last name |
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