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That seems like a huge range to me. I called probably 4 agencies and the replacement value for each were around 10K apart only.
Are you giving them all the same exact information?
I dont think there is really any way to know. Each insurnace company will have its way to calculate what it thinks is the replacement cost based on the info on the home you give them. I the replacement cost they come up with is the most they will pay out in the worst case senario, so you basically want the highest replacement cost you can get for the least insurance premium.
I am giving them all the same information, it seems like their computer system is what is making things difficult. I'm actually more likely to believe the higher numbers since even though the purchase price is down, the amount it costs to build a quality home isn't down much and it might even be more expensive.
They use an estimating tool within their system,and every company uses different ones. Will there be an appraisal done? There is a breakdown a few pages in that will show replacement cost, and that is usually what you will go by.
The thing that makes it so difficult is because they don't insure for the land, only for the house itself
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Beekeeper
I am getting quotes for the house we are buying and they are ranging from $235,000 to $313,000 in replacement value! I really don't know how to even know what the real replacement value would be!
Anyone have any ideas?