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what is my home's replacement value?

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May 28 2013 - US
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Answers (4)

Hi Liz-

  Check on that Federal Pacific breaker box... I would rip it out asap. There is a reason they are out of business, and having an insurance policy, in my opinion, does not justify keeping that box in a home. 
  Liz prob knows what I am discussing, but you can google Federal Pacific and find out the stories on them. In my area, not many left, usually in homes that have not been sold in past 25 years. Almost every home inspector wlll write them up. As a listing agent, I would insist they be replaced- before accepting listing.
 Best to ya Liz...
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August 30 2013


good question... here is my story-
 home sales value approx. 160k
 Tax assessment  Lot 75k, improvement (House) 130k  total 205k tax assessment - way over assessed.
 Insurance coverage  155k... sounds good so far.
  Fire- damages to home and cost to rebuild...195k.
1. Sales value has nothing to do with cost to rebuild.
2. Tax assessment has nothing to do with value of home or cost to rebuild.

  Get your insurance company to calculate cost to rebuild...most major companies will do this...and, get the extra coverage... example above, 40k out of pocket to rebuild. Extra cost for proper insurance coverage, prob $110 per year.

best on this, get coverage costs & rebuild costs from insurance agency.
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August 30 2013
Actually, here in Florida, the insurance company states the replacement value. I have some ridiculous replacement values for houses that are no where near the sale price of the home, but the insurance company has stated that it costs a certain amount to rebuild the house, based on its construction, all this is priced per square foot. My insurance agent had nothing to do with this, as the quote came directly from the insurance company insuring the property.

There are now insurance companies that will insure asbestos shingles or a Federal Pacific panel, where as a few years ago you needed to remove these for insurance purposes. Sure the rates are higher, but so is the risk. My independent agent has more insurers at his disposal than ever before, probably because we have had fewer hurricanes and fewer claims.

Best of luck to you,
Liz
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August 11 2013
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The replacement cost value of your home should be determined by your insurance agent. It is not the same as market value. It cost more money to build a home in the event of a total loss than what the market value is. Your insurance agent will use a formula based off of square footage, construction, etc to get an estimate. If your home is older or very ornate, your best option would be to hire an appraiser and get a replacement cost appraisal.
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May 28 2013
 
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