InsuranceReplacementCost
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How is replacement cost different from market value?
Market value is what a buyer would pay. Replacement cost is what it costs to rebuild from scratch, including demolition, construction, and meeting current building codes.
Why might I be underinsured?
Construction costs increase faster than market values, renovations may not be reported to insurers, or initial coverage was based on outdated estimates rather than detailed analysis.
When should I get this appraisal?
After major renovations, when buying a high-value home, for historic or custom properties, or when insurance renewal shows coverage hasn't kept pace with construction costs.
What does the analysis include?
Detailed quantity survey of all building components, current local construction costs, code compliance costs, demolition/debris removal, and professional fees.
Will this help after a claim?
Yes, documentation of proper replacement cost before a loss strengthens your position in insurance negotiations and helps ensure full recovery.