Should you insure your home for the market value or the replacement cost (what it would cost to rebuild)?
Before I answer that question I got another question for you: Would it cost more or less to rebuild your house if it were on 10 acres of property compared to a 1/4 acre of inland property? The answer is…of course it would cost about the same in both places, but the home on 10 acres would sell for quite a bit more! You should insure your property for the cost to rebuild after a fire.
So how do you know how much it would cost to rebuild? If you have had a recent appraisal there'll be an estimate on that appraisal report. If you haven’t had a recent appraisal you can contact our office and we would be happy to give you a free estimate of your reconstruction cost.