Barn value for insurance coverage?

Question

I have a barn that is covered on my insurance under a rider(?) for out-buildings.  Anyway, the insurance brokers were having difficulty determining replacement value so I went with what the previous owners insured the buildings for and am now wondering if it's too much--the insurance bill is (I think) high.  So I'm trying to determine replacement cost for my barn--it's a pole barn, double A design, 36X48 constructed of rough sawn cedar and fir.  The walls are board and batten.  Asphalt shingled roof.  Full electricity--basics though--lights and outlets.  I'm guessing it's about 14 years old.  It's on a concrete slab but I don't suppose that matters since that wouldn't be need to be replaced.  There's another building--detached garage that's about 1000 SFt.  Both are insured for $90K replacement value--the thought being that the likelihood that both would need replacement in a disaster is slim to none.

enoriverbend · Accepted Answer

It depends also on your location, which you didn't give.  In my vicinity, $90K for the barn alone seems a little high.  But if the $90K covers both it may be low.

Go to your local bookstore or library, there are books in the building and construction section that will help you estimate the cost of building this barn (re-building, in your case.)   

Your point about the concrete slab is, I think, incorrect -- a fire, for example, may possibly damage the slab to the point it'll have to be replaced.

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Anonymous · Answer

Call a contractor, and pay them $100 to come out and give you a written estimate, on how much it would be to rebuild that barn.

Queen B · Answer

it really depends on cost of materials and labor in your area.  what would it cost to rebuild as they stand right now?  your barn is 1728 sq ft, that's a pretty good size structure as is your garage at 1000 sq ft.  personally i do not think this is over insuring them at the cost of where i live.

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Barn value for insurance coverage?

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