Capturing The Details Of A Home! Capstone Test Trivia Quiz

Introduction to replacement cost Market costs can change rapidly and unexpectedly, meaning that the policy could be substantially over or undervalued in the event of a loss. Replacement cost includes the anticipated costs of labor, materials, permits, debris removal, and architectural costs of rebuilding a home to its original state. The market or real-estate value of the home is not included in this calculation.

Interior home features The pictured kitchen has the most basic available tier for all possible categories. The appliances are basic economy finish, there is no custom cabinet work, no tile or granite surfaces, no custom back-splashes, no viable island, nor any other unique design features.

Exterior Features & detached structures The image above pictures an open porch. Porches are typically built-in open areas under the roof-line of the house. They are not heated and occasionally have lighting/electric. Porches may also bee screened in if they meet all other criteria. Decks are attached to raised wooden or polymer structures. They are rarely under the roofline of the home Patios are often slabs of concrete (or other upgraded material such as brick or tile). They are attached to the back of the house but are commonly covered by Coverage B, while decks and porches are included in the Coverage A amount.

 Home foundation details A fully below-grade basement is not included in the square footage of the home. In all home styles except BI-LEVEL/SPLIT-LEVEL/RAISED RANCH, we only indicate the finished, above grade living space in the square footage amount. When a basement is finished we indicated it under the finished basement option but leave that space out of the square footage value.

Major home systems While wood stoves, pellet stoves, and electric space heaters are all acceptable, they may not be the primary source of heat within the home. An insurable home must have a centralized heating system powered by oil, gas, or electricity. A home any heat provided by in-home coal is unacceptable through our agency.

 Home construction details When a home has more than one finish type, simply indicate each material and percentage of the full home exterior covered by that material. For carriers that do not allow for fine differentiation of finishes (like Travelers or Stillwater), carefully read the carrier options to properly indicate the accurate finish type.

Home Styles This is a single story (1 story) home. For all home styles EXCEPT BI-LEVEL/SPLIT-LEVEL/RAISED RANCH, finished basements should be indicated in the replacement cost estimation software, but not as a story or in square footage. Unfinished attics are not included as stories or square footage.

Major home systems With regard to utility lines, we only cover items within the home or above-ground. Buried utility features like well water systems, electrical or internet cable, fuel tanks, or pipes of any kind are not covered. Utility items within the home, the basement of the home, or the crawlspace of the home are covered. Hanging exterior items such as electrical lines are excluded from coverage.

Interior home features Based on the customer's description, the bathroom sounds to have mostly basic features. There is no mention of tile flooring or walls, high-end shower or sink fittings, a jet/jacuzzi tub, double sinks, or high-end counter finishes (stainless, marble, granite, etc.). This should make us think the bathroom is builder's grade, but the improved mirror (large with additional lighting) should give us pause to think this bathroom is slightly above average.

Square footage All above-grade living space attached to the home must be calculated into the square footage estimate of the home. Detached living space, attached or built-in unfinished space, and below-grade space are not included in square footage estimates

Home Styles This is a very standard split-level home. Split levels are defined by 3 distinct layers of height, with the middle layer offset as halfway between layers 1 and 3, and layer 1 is partially below grade. For these types of homes, we indicate split-level construction type, 2.5 stories, all 3 levers count for the purposes of calculating square footage, and this home has a slab foundation under half of all of the home, dependent on what the middle height level is built upon.

Major home systems Most shingle roofs (asphalt, composite, architectural, wood) should be replaced every 20 years or so. "Forever materiales" do not need to be fully replaced with anywhere near the same frequency, but should be inspected once a decade or so. Roofs of all materials should be free of signs of age including missing shingles/tiles, patches of substantial discoloration, warping, curling, or mold.

Introduction to reconstruction cost It is extremely common that our policies value the customer's home at a higher amount than the customer's current policy. As a result, it is extremely important that you can speak convincingly and accurately as to the reasons for this change. The most common reasons that our replacement cost estimation would be substantially higher than the competition are: + Carriers apply different philosophies when creating a proprietary replacement cost calculation formula + Many customers have not had their reconstruction cost adjusted to reflect inflation in the home + The customer is likely to have made improvements to the home (either through general maintenance or due to a claim) that are not reflected on the current policy + Inflation in labor costs + Agent input The value of the housing market, the sell-able (market) value of the insured's home, and the carrier tier (preferred, standard, non-standard) are not material factors to this difference in coverage