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Replacement Cost Calculators
Insurance Replacement Cost Calculators
Replacement Cost calculator for commercial buildings and homes
Over the years, multiple studies have been done and have found that on average 70% of homes and commercial buildings are underinsured by 30%! How do you know whether or not you're property is underinsured?
When you work with InsuranceTrak we make sure to utilize the best property replacement cost software in the industry giving your confidence your building is properly insured. Using a proper replacement cost calculation for commercial buildings and residential homes is essential to not being underinsured. We'll typically use proprietary software for calculating replacement cost, but if you're interested in trying to calculate replacement cost on your own here are some resources:
How to calculate replacement cost?
These sites will help you get started with your quest to calculate an accurate replacement cost for your property. Please keep in mind that replacement cost is different from the market value or assessed value of your property. Market value refers to what someone is willing to pay to purchase that property. Assessed value is used by municipalities for purposes of assessing taxes. Replacement cost refers to the
Estimating replacement cost is hard to do without the proper software and know how. However, it is possible to formulate a ball park estimate with limited information. Typically, a wood frame building will cost on average $125 to replace. In contrast, a brick or concrete building will cost on average $150 to replace.
It's important to consult with an insurance professional to determine an adequate replacement cost estimate for your property so that you can secure the proper amount of insurance.