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Questions to help you determine the cost of home repairs



Think of unique features when determining the insured value of your home.

When you buy a home insurance policy, how do you determine the replacement cost for your home? Many homeowners automatically base the replacement cost on the current market value. But that method can leave you with unpleasant surprises if you have a loss. Your insurance agent can use costing tools to fill in a value for you. Here are some questions you can answer that will help your agent determine the most accurate suggested value for your home:

  • Was your home built in 1
    944 or earlier?
    Let your agent know if there is a license plate or plaque on the home or if the home is in a recognized historic district.
  • Have you completed any renovation of the home? Enter end dates, details of renovations and costs.
  • How big is the total living space? Share your bank valuation or previous inspection report with the agent. If you do not have a report, your agent can check your county tax card for square feet.
  • What type of foundation is under your home? Is it a flat, crawl space or basement? If the basement, is it a walk? What percentage is ready?
  • Do you have a garage connected to the home? If so, how can cars last?
  • Do you have any additional seats? Include a half floor, three quarters floor, screened or covered / enclosed porches, deck, outdoor kitchen or other attached structures.
  • What are the external characteristics of the home? Think of roofing materials (shingles, concrete slabs, slate); primary exterior wall cladding (brick, vinyl cladding, wooden frame); and home style (ranch, bi-level, colonial)
  • What are the internal functions? Do not forget:
    • Window styles and mark (bow, double sash, transom)
    • Flooring (wood, carpet, tile)
    • Roof construction (standard, nested, beamed, vaulted)
    • Wall moldings (crown molding, pilasters, custom shaping, arched doorways)
    • Kitchen cabinets, countertops, backsplashes, sophisticated or luxurious appliances
    • Bathroom cabinets, countertops, floors
    • All rooms with fitted wardrobes
    • Number of fireplaces
    • Various objects (wet bar, ceiling fans, solar panels, walk-in closets, wine cellars)
    • Unique objects

By providing as much detail as you can – along with any photos or videos of the home – your insurance agent should be able to give you a good compensation value.

Finally, make sure to periodically review your homeowner’s policy to make sure your compensation cost coverage is still adequate, especially if you are making any major renovations.

This loss control information is advisory only. The author takes no responsibility for the handling or control of loss control activities. Not all exposures are identified in this article. Visit your local, independent Bolder Insurance Advisor for information and advice on insurance coverage.

This article is provided by Cincinnati Insurance Companies, a Bolder Insurance partner.


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