Homeowners Insurance: Replacement Cost Check Up

In general the consumer today is all about saving a buck! Lately I have taken a few calls regarding home insurance premiums going up because of the replacement cost increasing on the dwelling coverage part of the policy.

Home Replacement Cost Estimators

The following list of “calculators” was compiled to aid homeowners’ discussion about the adequacy of their homeowners insurance coverage with their insurance agent. These estimating services give differing construction cost estimates that can be used in evaluating the amount of replacement cost insurance on your dwelling.

Keep in mind, the coverage on your dwelling is to reconstruct your home in the event it is damaged or destroyed. Reconstruction costs, so are usually different from new construction costs. In addition, homeowners insurance does not cover your land, so the “market value” of your property is not indicative of the amount of homeowners insurance you need.

Homeowners might consider utilizing more than one estimator, but here is a brief list of some of the top estimators.

REPLACEMENT COST ESTIMATORS:

AccuCoverage by Marshall Swift Boeckh

Requires a fee; estimate based on details of home’s specific construction and characteristics.

XactValue by Xactware, Inc.

Requires “log-in” and fee; estimate based on details of home’s specific construction and characteristics.

Insure to Value by Bluebook International

Requires a fee; estimate is based on zip code or neighborhood and some home characteristics.

For additional tips on evaluating homeowners insurance, you can also see the “Homeowners Insurance Check Up” checklist on Arizona Department of Insurance ‘s site.

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• How to Save Money on Homeowners Insurance