For an accurate answer, why not direct your question to your local insurance companies and take it from there.

Anna

Every company uses different propiertary software to calculate replacement cost. Make sure your insurance policy has at least an 80% coinsurance clause or a gauranteed replacement policy. 80% coinsurance means as long as the home is insured for at least 80% of the replacement cost you will get 100% coverage. Gauranteed Replacement is exactly that, 100% no matter what. They are harder to find and usually a little more expensive.

The Home Insurance Specialists.

the insurer will insure the structure and even furniture and personal items inside the house, but not the land. the thinking is that the land will survive any fire or flood (this one is debatable). So the usual value is gained either by an appraisal by a lending institution at the time of sale, or refinance or if someone just wanted to know the institutional value of their property. Once the appraised amount is known, usually insurers will insure 2/3 of that amount - they value the land as 1/3 of the total value. Hope that makes sense. Liz