How Do I Value My Home For Insurance?

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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    There are several forms of homeowners insurance.  The HO-3 is the most common form and it provides replacement cost coverage for the residence.  Most insurance companies will require that you insure the home to its replacement cost.  There are services that estimate the cost of replacing your home.  The insurance companies normally accept their estimates.  If you feel the estimate might be too high, many insurers will insure to a value that is guaranteed by a local contractor.  If the contractor states that he can replace the residence for a specific amount and guarantees that for a period of time, the underwriter might issue a policy for that amount. 
    Answered on March 20, 2014
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