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Home > Blog > How Does Your Insurance Agent Come Up With The Replacement Cost For Your Home?
WEDNESDAY, AUGUST 5, 2020

How Does Your Insurance Agent Come Up With The Replacement Cost For Your Home?

Single Story Home

When you contact a professional insurance agent for a Homeowner’s Insurance quote, they will have a conversation with you regarding construction details for your home. During this conversation, they are collecting information that they will use in a replacement cost calculator to derive your home’s replacement cost amount.

Why is my home’s replacement cost higher than the market value? There are other factors, such as contractor’s fees and debris removal, built into the replacement cost calculation. Therefore, in most cases, the replacement cost figure is higher than your home’s market value.

What Does My Insurance Agent Need To Know About My Home To Calculate The Replacement Cost?

  • Year the home was built
  • Type of home/stories: 1 story, 1 ½ story, 2 story, bi-level, tri-level, or other
  • Exterior material on home: brick, vinyl siding, veneer (stone or brick), wood, or other
  • Square feet of living space
  • Flooring types (percentage of each in living space): wood, laminate, tile, carpet, or other
  • Foundation: basement, crawl space, slab
    • If home is on a basement, let your agent know the percentage of basement that is finished for living space.
  • Number of bathrooms and kitchens
    • Let your agent know if any customized finishes
  • Attached deck(s) and porch(es) square footage
  • Roof surfacing – regular asphalt shingle, architectural shingle, metal roofing, or other
  • Attached garage – number of cars or square footage
  • Specialty items such as:
    • French doors
    • Skylights
    • Built-ins

After an insurance agent calculates your home’s replacement cost, they will use this amount as Coverage A – Dwelling Coverage. Most insurance carriers will require an agent to use the full replacement cost amount for the dwelling coverage to maintain replacement cost coverage for your home.

We want to remind you that Briggs Agency, Inc represents A-rated insurance carriers to cover your Home! Our agents are standing by and ready to calculate your home’s replacement cost! Please contact us today at 219-769-4840 to discuss further.

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Posted 2:00 PM

Tags: home insurance, dwelling coverage, home replacement cost, briggs agency
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