My home is in 75230 and is in a small gated community and has 2970 square feet. It's time to renew the home

Asked by Susan Lynch, North Dallas, Dallas, TX Sun Mar 2, 2008

insurance and nobody seems to know what construction costs would be to replace it. Every insurance agency gives a different answer. What should it be insured for per square foot? Of course, the lot wouldn't be counted in the price. Thank you

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Kathy Murray, Agent, Dallas, TX
Sun Mar 2, 2008
I think a fair assessment would be about $90-100 pe sq ft.
Web Reference:  http://www.HouseHuntDFW.com
1 vote
Karen Shrock…, Agent, Dallas, TX
Sat Mar 8, 2008
You know, my agent has several policy options including replacement cost coverage. By choosing that option, the insurance premium is computed using the current value and anticipating the cost of replacing key elements of the home.

The land value would most likely not be relevant even if you are in a gated community. Land is land. It's the replacement of the structure you're anticipating.with the cost of the insurance.
0 votes
Bruce Lynn, Agent, Coppell, TX
Mon Mar 3, 2008
I think your insurance agent is not very good. There are two companies in Dallas that most insurance companies use for remodeling/reconstruction. Those companies should be able to regularly give them replacement costs for various areas of town and different levels of quality. Typically these prices are higher than if you go to newer areas where they are building lots of homes. This due to them having to design the home once, versus using the same plan and specs over and over and over. Unfortunately we just can't quote you a good number here as we don't know your home, where as your insurance agent should. Could be basic, 50 years old and not remodeled, or could be a stunner with all the latest and greatest appliances and finishes.
Web Reference:  http://www.teamlynn.com
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Mar 2, 2008
Your insurance company comp's would be little different due to replacement costs. Of course the higher they quote the premium you pay. I wonder who you are dealing with at the insurance company if they are qualified in providing you the answer.
Web Reference:  http://www.lynn911.com
0 votes
Glenn Still, Agent, Arlington, TX
Sun Mar 2, 2008
What the insurance companies should be using is a special program that you feed in the square footage but also the number of baths, number of ac and heating units and a number of other things. Of course it always is just an estimate and a human imputs it and the program has to be constantly updated to show current prices on material and labor. you want the figure to be as accurate as possible because it determines your coverage in case of loss.

I would not lean on just a figure per square footgage. I would talk details with the insurance agent and understand how they determine the figure until I feel comfortable.
0 votes
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