Coinsurance/Insurance to Value Revisited: An Essential Concept in Property Insurance
extra cost of rebuilding a home such as demolition costs, debris removal, architectural plans and even environmental costs. The replacement value may be more or less than the home’s market value.
As of this writing, several additional valuation tools were offered through other websites. A brief description of these follows. Keep in mind, however, that as websites are updated, their content is subject to change. So be sure to check each site and tool carefully to make sure the information is the most current available.
HomeSmartReports.com Also charges a modest fee, takes less time to complete but offers less detail. It gives a low and high estimate of what it would cost to replace the home, plus a standard cost of construction in the particular area, but does not take custom features into consideration. As with any estimating system, insureds should compare the estimate with the policy limits and if there are discrepancies, have the insurer explain why.
InsuretoValue.net Offers three types of reports. A free complimentary report is sent to a qualified agent who will contact the homeowner to review the report.