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FaithMarie,FaithMarie, The insurance company should be using the 5078 sq/ft as the total livable space, however the above grade and below grade finishes should be valued at different replacement costs. I don't like to give "typical" replacement cost because that is different for every home. Lee's ballparks are a little low for the Puget Sound Area but close. If you want me to run a replacement value, just let me know it will take about 10 minutes!Sincerely, Keith
Basements are usually only $50ish a square foot to finish out, compared to $120+/foot upstairs, which is why they don't count basements when predicting the reconstruction cost of the home (in the same way as upstairs). The answer is located in the cost estimate software: it will read: What is the basement square footage? (you input an answer), then it will ask what percentage is complete (you would input 100%), and then it will ask if the quality of the finish out is high (high quality, builders grade, custom, etc.). After you input this information, it will predict the cost to finish out the full amount of that much square footage. Then it will ask the same questions for above ground square footage, etc. to give you a full and complete estimate. Make sure your agent is using and "MSB Cost Estimator" made by Marshall/Swift Boekh. They are the most widely cited and used and (presumably) accurate.Lee Lewis
Basements are priced differently then above ground living space so they will figure in the cost for the basement it will just be seperate from the main living space. My advice is to find an insurance company that meets your needs and then request a replacement cost appraisal. They will send an inspector to develop an estimated cost based on the construction and location of your home. This is paid for by the insurance company and is very routine.They have 2 different types of inspections that they do. The first is an exterior which is typically on homes under $500,000 and an interior which is both interior and exterior and usually done on homes over $500,000. Hope this helps, and congratulations on your new home.
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