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In my area, how well do insurance company estimated replacement costs compare with tax assessments?

  • April 02 2009 - Alexandria
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Answers (3)

I agree with Richard's answer. Always ask your insurance agent to go through a replacement cost estimator with you. You don't want find out you didn't have the correct amount when it's too late.
  • January 21 2011
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Rockellrd:

I'm afraid you are comparing apples to oranges. Talk to your local assessor and your insurance company to compare this "types of values" determined by each one.  The assessor is trying to estimate the fair market value of your home (improvement) as of a specific date, say January 1, 2010.  Your insurance company is estimating the replacement cost of the home in the event of a fire at today's rates for construction labor and materials.  For example, the assessor includes the value attributed to below-ground improvements (basement, finished basement area) while the insurance company usually does not.  In the end the assessor is trying to place a value on your home that represents market value while the insurance company is trying to determine an insurable value that is closer to a replacement cost that is influenced more by construction costs, materials, and labor.

  • May 24 2010
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Pretty poorly
  • May 22 2010
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