Cohousing-L Mailing List: Re: Calculating unit rebuild cost

[Bryan Bowen (bryan]

Hey Katie - I haven’t used USAA or Xactware before and I don’t do much with
the insurance world. Mostly I have seen people find out they are under
insured after a disaster. Seems like each community finds out a lot about
which insurance companies have integrity and which don’t in the aftermath.

-b

On Fri, Nov 17, 2023 at 5:47 PM Katie Henry <katie-henry [at] att.net> wrote:

> Thanks, Bryan. My insurance company (USAA) uses Xactware to calculate
> rebuild cost based on characteristics of the property (location, year of
> construction, size, finish level, sprinklers y/n, etc.). Are you familiar
> with this program and is it thought to be reasonably accurate? I've insured
> numerous properties (houses and condos) with USAA over the years and I've
> never had to provide a rebuilding cost estimate, so this is a new
> experience for me. On the other hand, I've never filed a claim, but USAA
> has a good reputation.
> Thanks,
> Katie
>
>
> Hey Katie - the easiest way to do that is to take your GC's cost
> spreadsheet and break it down. I'd suggest keeping track of that as a
> percentage of future new construction total costs, that way in the future
> you can update based on the market. A lot of people were really
> underinsured around here after the 2013 flood and the more recent Marshal
> Fire, and for many it meant they had to sell their property and didn't get
> enough insurance money to buy another home.
>
> - b
>
> BRYAN BOWEN    |    PRINCIPAL   |    AIA   |    APA    |   LEED AP
>
> *caddis collaborative*
> 1521 Easy Rider Lane #102
> Boulder, CO 80304
> 303 443 3629
> caddispc.com
>
>
> On Thu, Nov 16, 2023 at 10:29 PM Katie Henry <katie-henry [at] att.net>
> wrote:
>
> > Our members are being asked to estimate the cost to rebuild their homes
> > for their individual homeowner's condo insurance policy. The condo policy
> > covers from the drywall in; everything outside the drywall is covered by
> > the association master policy. What's the best way to calculate the cost
> to
> > rebuild? Can it be a percentage of the purchase price? Or a price per
> > square foot based on location? Or do we need the GC to compile actual
> > numbers per unit type and estimate labor costs?
> >
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