hazard insurance: Replacement cost vs. Market value
- 09/10/08 03:05 AM
I often get asked the difference between replacement cost for insurance and the market value for a home being resold. Since I know this is a question/concern out there I thought that I would write about it. Replacement cost is the cost it is estimated to take to put that house back with like quality features in today's market. Usually this will be a higher value than resale. I will list a couple of reasons for this. Scenario 1) You are selling a home that is a great deal for someone, but needs a little updating. The updating requirements are going … (12 comments)
I often get asked the difference between replacement cost for insurance and the market value for a home being resold. Since I know this is a question/concern out there I thought that I would write about it. Replacement cost is the cost it is estimated to take to put that house back with like quality features in today's market. Usually this will be a higher value than resale. I will list a couple of reasons for this. Scenario 1) You are selling a home that is a great deal for someone, but needs a little updating. The updating requirements are going … (12 comments)
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