Understanding What Affects Replacement Cost Estimates

Living in an area where natural disasters are common, it’s a good idea to work with an insurance company who can explain things in a language you understand. If you have received damage to your home due to a natural disaster, an adjuster will use a replacement cost estimator to help determine the total value of your loss. They will discuss several things with you including your home’s market value as well as its appraisal value.

A home’s market value is the price you would get if you sold it in a competitive sale or auction. Its appraisal value, on the other hand, is a value given to the property on which taxes are based. The reconstruction value is the amount you must have in order to build it to the condition it was in when it was damaged. A tax roll is a list of properties and their assessed values located within the same jurisdiction.

The qualified staff at North American Advantage Insurance Services can answer questions concerning reconstruction value and tax roll. They can help you understand the difference between appraisal value and market value as well. If you live in or around Irving, Texas and are looking for an insurance company who is easy to work with and has knowledgeable staff, then we are the company for you.