How To Determine Your Replacement Cost
Personal property
The most important thing you can do to determine the replacement values of your personal property is to create a home inventory.
- Create a digital record of every room. While you are videoing, describe each item and identify a replacement cost.
- It may be useful to categorize clothing. For example, 10 pairs of men’s pants, 12 tee-shirts, 6 pairs of Nike shoes, etc.
- Make sure you focus on high-end items like jewelry, guns, computers and artwork.
- If you have expensive art, guns or collections, it would be good to have it appraised.
- Update the inventory from time to time.
- Keep the inventory in a safe or at a secondary location.
Having an accurate replacement cost is critical in having the right amount of insurance.
- Get an estimate or appraisal of the replacement cost of your home.
- Talk to a new home builder in your area.
- Determine the square foot construction cost (new) in your area and multiply by your home’s square footage.
- Your insurance agent will have resources for you.
Protect what matters most to you with Colorado Springs, CO Car, Home, & Business insurance. We offer the best combination of competitive rates, coverage and personal service in Colorado Springs.
Get a Fast Free Online Quote. Save 30% on Colorado Springs, CO Commercial Auto Insurance, Contractors Insurance & General Liability Insurance.