How to Determine Your Home’s Replacement Value

If your home was damaged or destroyed by a covered loss under your homeowners insurance policy, are you convinced that you would have enough coverage?  Your homeowners insurance policy, if it is written correctly, can repair and or replace your current home with “new” like kind and quality materials.  However, many people do not update their home’s value.  This is especially true in an economy where construction costs are increasing at a fast pace.

Replacement Cost Considerations

There are a number of factors that go into determining your home’s replacement value including:

• Type of construction quality
• Materials used in the construction
• Size of your home
• Location
• Your lot configuration, (hillside or flat)
• Are there any unique materials, like imported stone, marble, etc.?
• The overall quality of construction—is your home average construction or high-end?
• The average cost per square foot for new construction in your area.

These factors can be provided to your agent and then they can work with the insurer to help you determine a replacement value.  The insurer may even come out to inspect the home, depending on the home’s total value.

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