home insurance on long island

Home Insurance replacement cost?

Anyone have any idea how insurance companies figure out what it would cost to rebuild an entire house if it burned down or blew away…I live on long island….I would assume it is the square footage multiplied by a cost per foot….any ideas what the actual cost per foot is today????

I’m sure there is a mathematical formula somewhere, but when I was still writing home insurance we took all the information (either rooms or square footage information), plugged the details into an “estimator” and got a value. There is a standard estimator that most companies use, and there is probably a copy available somewhere on the web.

You can’t just use straight square footage, because you have to consider bathroom fixtures, finished vs. unfinished basement, add-ons (built-in ovens, ceiling fans, central air, etc) too.