Insurable Value is determined by Replacement Cost Appraisals, which are used to determine the cost to rebuild a house or commercial building in the case it gets completely destroyed by a fire, hurricane or other disaster.
The average price for a residential, replacement cost appraisal is nominal in relation to the potential savings one might afford. Since every property is unique or if you have a commercial property, please call 212-213-2035 or click here to contact us:
Most times the price of the cost approach appraisal will pay for itself by lowering your insurance premiums. By way of example, an insurance company may require a property owner to carry $1,500,000 of insurance coverage to rebuild the property. In reality it may only cost $1,200,000 to rebuild. Before the insurance company will lower your required coverage from $1,500,000 to $1,200,000 they will ask you to have a Certified Appraiser provide a replacement cost appraisal showing that it will cost $1,200,000 to rebuild lowering your insurance premiums while adequately insuring your home.