Cost/square foot insurance coverage (LA especially).

Started by EM2 • 6 replies • 1210 views

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EM2 (California)
Posts: 28

Posted:

We decided to rebid out our insurance since it had been auto renewed by the previous board for probably a decade. Our agent told me hes been been trying to get our coverage increased for almost as long, and right now were are at 65-70 percent of the coverage we should have. He recommends $180/sq foot, another agent recommends $200/sq feet. Our agent said we could hire a contractor to give us an estimate, but I was wondering if there were any other LA-area people on the board to see what their sq footage coverage estimates are.

Or advice on where else to look?

Thanks!

JohnB26 (South Carolina)
Posts: 1,569

Posted:

you need to insure only for CONSTRUCTION costs per foot

NOT

for value including land per foot

you will never 'lose the land'

construction in metro LA = $120-150 per foot

in suburbia = $100-120 per foot

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Depends on how nice the place is. You cant compare unless someone has the same exact building as you. If its a marble building the sqft price would be higher than a wood building with vinyl siding. If you do the math..... is the sqft price equal to the replacement cost of the building if someone were to rebuild it? Total cost?

AlbertN (California)
Posts: 10

Posted:

In our building a low ball estimate was about 190 per square foot. Depending on the upgrades, the cost can be 275-325 per square ft. (2011)

Consider having code upgrade coverage.

EM2 (California)
Posts: 28

Posted:

John, can you tell me where did you come up with that estimate? I've yet to see any metro LA estimate less than $180/sq foot. Most are advising $200

EM2 (California)
Posts: 28

Posted:

Yes, but unfortunately i don't know what that is, short of hiring a contractor. The "industry standard" numbers I'm seeing are 180-200/square foot, but looking for validation or something to suggest otherwise.

EM2 (California)
Posts: 28

Posted:

Sorry, that last reply was intended to be directed to Steve

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