Home Insurance in 85053>Question Details

argi9getsres…, Home Owner in Phoenix, AZ

what are current replacement costs per square foot?

Asked by argi9getsresults, Phoenix, AZ Wed May 23, 2012

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Ann Griffin’s answer
I cannot question the answer without more information, such as what is being replaced, what kind of quality and features will go into the replacement, and where is it. I strongly suggest you contact a couple of licensed contractors in your area for estimates. If you don't know any, ask your friends and neighbors for referrals.

Replacement costs vary enormously so get at least three estimates, in writing.

If you are attempting to price an unusual property using the cost method, your best bet is to seek out a qualified appraiser for your area, and work with a Realtor familiar with the type of property.

Best of luck,
Ann Griffin
Coldwell Banker Trails and Paths
1 vote Thank Flag Link Wed May 23, 2012
Replacement cost are based on many factors. Age of home, architecture style, upgrades inside and out, roof type, how many floors, type of counters, types of sinks, etc. Two homes right next to each other with the same square footage and built by the same builder will still have different replacement costs. We write a lot of insurance policies and we have to use special software to calculate replacement costs.

The generic number by the way is $150. That is never accurate but gives you a VERY rough idea at what you would be looking at for replacement cost. Don't forget, attached garages will increase your replacement cost because they are considered part of the home since it is attached.
0 votes Thank Flag Link Thu May 24, 2012
Great answer Ann. It is best that answers come from those with real expertise. Thanks for being such a pro.
0 votes Thank Flag Link Wed May 23, 2012
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