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Leigh Insurance Agency of St Augustine Blog

Replacement Cost & Market Value - What's the difference?

1/18/2022

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​With the demand for homes in Florida at an all-time high, the housing market just can’t keep up. As a result, the market value of homes here in the Sunshine State are increasing.
After purchasing a new house, condo or townhome, you may be asking yourself why it’s insured for less (or more, in some situations) than what you paid. This is because your home is insured at Replacement Cost as opposed to the Market Value of the home.
Replacement Cost refers to the amount of money it would cost to rebuild your house completely. Your insurance agent completes a replacement cost estimator to determine this amount, which takes into account several aspects of the home – age, size, labor costs, debris removal costs, style of the home, etc. The amount your home is insured for does not include the cost of the land itself, which could be a lot, depending on the location. For example, a beach-front home is going to cost significantly more than one several miles inland of the same quality. It also does not see supply and demand of housing as a factor.
If you still feel that your home is underinsured at Replacement Cost, most carriers will allow an increase of coverage up to 25% of the Replacement Cost. Your friends at Leigh Insurance Agency of St. Augustine are happy to answer any questions you may have regarding the difference between Market and Replacement Cost Value, or take a look at your current policy to ensure you are adequately covered. Give us a call today at 904-826-0799, or stop by our office at 1797 Old Moultrie Road, Suite 111, St. Augustine, FL. 

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St Augustine, FL 32084
(904) 826-0799​
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