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How to Replace Value Choice to the Insurance Plan

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- [Jeremy] Hey this is Jeremy from Shine Insurance and this video is about replacement cost versus market value as it has to do with insurance. I get this question all the time. Its a super common thing to be confused about. Were gonna un-confuse you right now when it comes to this topic. So we will address in this video, just quick definitions of the two different things and what they are. Well talk about how replacement cost affects your insurance, and then well talk about how market value affects your insurance. Pretty simple, pretty quick, just gonna lay it out for you. Lets start with some definitions. Replacement cost is the amount of money it would cost to actually rebuild your home. That means hiring contractors, having drywall put in, framing done, roofs put on, kitchen stuff put in, your crawl space built, probably not in that order but you get what Im saying. The actual cost of rebuilding your home. So if your home burned down or be knocked over by a tornado or somethi

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What does replacement value mean in insurance?

Replacement Cost Value (RCV) The amount of money needed to repair your home at todays prices of building supplies; or replace your belongings at todays cost of the similar or like item. It is important to discuss replacement cost with your insurance agent when purchasing your policy.

How does insurance calculate replacement value?

Home replacement cost is the total amount required to rebuild your home to its original standard. Your dwelling limit must be at least 80% of your homes rebuild value to be fully covered. Home replacement cost can be calculated by multiplying your areas average per-foot rebuilding cost by your homes square footage.

What is the 80% rule in homeowners insurance?

The 80% rule describes a policy in which insurers only cover the costs of damage to your house or property if youve purchased coverage that equals at least 80% of the propertys total replacement value.

How is replacement value determined?

The easiest way to calculate the replacement cost is to estimate the local cost per square foot to build a home by your homes square footage. So, if your local contractors charge an average of $150 per square foot, and your home is 2,000 square feet, the RCV for your home would be $300,000 (150 x 2,000 = 300,000).

How is replacement value determined by homeowners insurance?

Replacement cost value is the amount it costs to rebuild your home from scratch, including the price of labor and materials, in the event of a covered loss. Actual cash value is determined by taking your propertys replacement cost value, and then factoring in depreciation.

How do insurance companies determine replacement value of a home?

Your homeowners insurance coverage should be based on the replacement cost of your home, meaning the cost to rebuild it, not its market value. Your homes replacement cost estimate is based on factors such as square footage, number of bathrooms, and local construction costs.

What is the meaning of replacement value?

The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, ing to its current worth. In the insurance industry, replacement cost or replacement cost value is one of several methods of determining the value of an insured item.

What factors determine the replacement cost value of a home?

Calculating the replacement cost of your home Age of the home. The year your home was built is a big influence since there are different building standards based on the time period when your home was built. Square footage. Features. Fixtures. House style. Foundation type.

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