- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (3)
- Ruth Stroup, "Insurance Agency"
- Contributions:14
At Farmers, our replacement cost estimator allows me to help clients create realistic estimates of the cost to rebuild their home in the event of a total loss. The estimator is good but not perfect, which is why I visit every home I insure prior to binding a policy. In Oakland, CA many of our homes are over 50 years old, and they have been updated more than once. Understanding the mix of old and new, trim level and general quality conditions helps me create an accurate estimate.
- Eric Kossian, "InsurePro"
- Contributions:29
A Replacement Cost Estimator is a third party vendor that insurer's use to determine the estimated cost to replace your home to the same size and quality of features. These venders use local labor costs and building materials costs so are quite accurate, usually coming within $10-20,000 of what will show an appraisal (usually on the bottom of the third page where it says Replacement Cost Approach.) If the insurance agent comes up with something significantly higher or lower than what is on the appraisal then there is a problem.
What is the Replacement Cost Estimator?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.