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Mortgage loan has been conditionally approved - up to home insurance. House is being purchased at 820k. What should the reconstruction cost be? Kinda clueless on what cont...

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I think they meant as in replacement cost coverage if it were to say burn down for example

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A good coverage should look like

We bought our house for 775 and the inspection put it at 850 ... cuz we got it at a bit of a steal

Depends where you are - nyc nice building can run you 500+psf, freestanding will likely be cheaper

Yeah this is in nyc. I guess I’m asking what the ideal replacement cost should be. Would 400k suffice? I’m using lemonade insurance

Is it a house or an apartment? I’m not sure how I’d feel about buying a place where the cost of building it is less than half what it costs to build it. Either it’s a shack on Park Avenue or we have to figure out what’s going on. Your kitchen and bathroom fixings can be half that alone ~

Even in the boroughs all freestanding houses are bigger than 1400 sq ft ... please fix or explain why you have an nyc unicorn

Most insurers will think about it as a cost per square foot to rebuild from the walls in. Nice but not super lux a good benchmark is 500 per square foot - so do the math for your place. B1 - virtually every apartment in nyc can be rebuilt from the walls in for substantially less than the purchase price

Single family per sq ft depends on region but think 150-175 per sq ft

Yea agree, in NYC for a condo, your bottom price will be around $350-375 per ft, and that’s basic no frills construction

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