How to Best Estimate Replacement Costs for Homeowners.

[PotentialFarmer]

I'm new to the game here, was with Farmers before and replacement costs were auto estimated. Now I don't have that luxury and I'm wondering what most of you do? For standard track homes it isn't tough, but we have quite a few custom built homes in my area of Southern California and I'm not as confident in my numbers. Is there something out there that other people are using that you could point me towards? Being in Southern California I WILL eventually have a total loss due to the massive fires we have here. My worst fear is underinsuring one of these massive 5 - 15 million dollar properties and getting slammed on my E&O and even worse letting my client down. Any help is appreciated. Thanks so much.

 

[TristanTLC]

Being in SoCal, this company will be very useful to you. They are local, and used popularly by appraisers all over the country.

Bluebook Residential Property Data Solution Experts, solutions for the construction, reconstruction and repair, insurance, mortgage banking, secondary markets and the homeowner. We provide estimating solutions, software, cost data and insurance under

 

[conzio]

Bluebook provides the only real world pricing out there. It's the only guide left in the industry that the insurance industry has not influenced.

 

[PotentialFarmer]

Anyone else out there with an opinion on this? Seems funny that there's a tag there from a guy with 100 + posts followed by a 1 banger right after saying how its the ONLY thing out there to be trusted. . .

 

[TristanTLC]

funny indeed, but I assure you I have no idea who "conzio" is nor am I saying Bluebook is the only thing out there. Take it for what it's worth.

 

[bree4479]

Try M & S but also your carrier should have a reconstruction cost estimator in there quoting process. Who are you writing through?

 

[JCK818]

Most carriers wont just take your word on a cost value on those expensive homes. THey will send someone to insect the place and usually they tell you how much it is.

 

[markschneider86]

I use a program called MSB. Met Life provides it to me for free. You can put in details all the way from there porch, to there house being made out of cedar siding. For commercial Travelers provides a program for free too. MSB will provide a clear 90 percent accurate estimate.

Hope this helps, one of your companies should be able to provide this to you for free.