Now a new set of state regulations (California), which went into effect Monday, June 27, seek to combat the problem of under-insurance by imposing a uniform standard for the way insurance companies and brokers estimate so-called “replacement value” when a homeowner decides to buy or renew a home insurance policy. http://www.signonsandiego.com/news/2011/jun/27/Replacement-value/
Regulations require that “replacement value” have the same meaning as “replacement cost.”
Replacement costs – amount it would cost to repair, construct, rebuild or replace a damaged or destroyed structure.
The appraiser’s at www.socalappraisalserv.com can provide you with a cost analysis of your property that you can bring to your insurance company.
Check your state’s insurance laws to find out if replacement value has the same meaning as replacement cost.
Green Real Estate Appraiser 