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How do you calculate home rebuild cost for insurance?
I’m looking for a new home insurance policy, and I want to do things right this time around, so I’m figuring out the limits I should have ahead of time. How do you calculate home rebuild cost for insurance?
Melanie Mergen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s great that you’re planning ahead and figuring out what you need from your
home insurance
policy. There are several ways you can estimate the cost to rebuild your home if it was ever necessary. You can:- Use your insurer’s appraisal of your home
- Hire a professional appraiser
- Use online tools
- Do your own calculations
While it’s typically the most costly, the most accurate option is to hire a reliable professional appraiser. An appraisal might cost you a few hundred dollars up front, but if you’re interested in having adequate replacement coverage, having the right home rebuild cost built into your policy could save you thousands if you lost your home.
In some instances, your mortgage lender may also require you to carry a certain amount of replacement or rebuild coverage. For example, some lenders require 80% of replacement cost.
As you continue looking for a new home insurance policy, consider using
Jerry
to make the process quick and easy. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new home or renters insurance. Jerry will even help you cancel your old policy.And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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