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Is my real estate assessment used to determine the insurable value of my home?
It is industry standard for insurance companies to use an independent replacement cost to determine the insurable value of your home. In the case of a loss, damages would generally be paid based on the insurance company’s independent estimate of the replacement cost--not the building portion of your assessment. Keep in mind that the house assessment does not equal the cost to replace a house. For assessment purposes, the improvement value reflects years of normal depreciation. For insurance purposes, your insurance company would generally use their own estimate of what it would cost to rebuild your home today.