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Answers (2)
- Eric Kossian, "InsurePro"
- Contributions:29
Replacement cost calculations for home insurance are done by the agent asking you a series or questions about the size and features of your home. THis informationis then put into a third party vendor software that keeps track of local costs of building materials and construction labor costs.
The problem is that while many of these calculators work well for average homes, for larger and newer homes they should use a different calculator that is able to take into account 8ft ceilings, valuted ceilings, and a host of finer features.
Consumers should be aware that most home polices limit your replacement cost to the amount showing on your policy plus 20%. The rest would be out of pocket cost to you - which can be substantial.) Better policies provide no cap on replacement cost.
The problem is that while many of these calculators work well for average homes, for larger and newer homes they should use a different calculator that is able to take into account 8ft ceilings, valuted ceilings, and a host of finer features.
Consumers should be aware that most home polices limit your replacement cost to the amount showing on your policy plus 20%. The rest would be out of pocket cost to you - which can be substantial.) Better policies provide no cap on replacement cost.
- David Gilbreth, "David M Gilbreth"
- Contributions:5
If you can't get a satisfactory answer from your curent company find another one. I suggest you call an independent agent that you can meet with face to face. He or she should have access to one of several replacement cost estimators that he can show you.
How to calc
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