Appraisal and cost to replace???

My appraisal doesn't say how much the house would cost to replace...and when I call for home owners ins. quotes they kaap asking me.....so if the house appraised for 500K....paid 480K...How much should I insure it for?

Message edited 9/14/2007 12:22:47 PM.

Re: Appraisal and cost to replace???

It has to

Look on the 3rd or 4th page. There should be a bunch of lines on the top with comments and all the way at the bottom it should say Cost Approach Value.

Message edited 9/14/2007 1:19:15 PM.

Re: Appraisal and cost to replace???

House appraisal are home plus land.

Replacement cost is just for dwelling. Its estimated amt done usually with some questions re features of home, sq footage etc.


I work for ins....I can help if u want. FM
if u'd like.

Re: Appraisal and cost to replace???

Posted by Mrs-D-Girl

It has to

Look on the 3rd or 4th page. There should be a bunch of lines on the top with comments and all the way at the bottom it should say Cost Approach Value.

Re: Appraisal and cost to replace???

I'm from out of state but I'm pretty sure an appraisal is an appraisal anywhere.

But, I just pulled mine out, Mine is under the subtitle: Cost Approach to Value. The actual line that reads the LAND value is "Opinion of Site Value" and then under that, the next line reads "Dwelling". Next to it, has square footage and then amount per square foot.

Please let me know if you need me to scan mine. I'll send it to ya.

Also, when I called for Home Ins. quotes, I didn't have the appraisal in front of me. I just took down the numbers from the Mortgage Broker and called. They estimated for me what the rebuild costs would be. They were really close honestly.