Depreciated Value draft

[Collins1078]

My house recently burned and I have replacement value insurance on the structure and contents. My insurance company paid for an independent appraisal for the value of my home prior to it burning. The appraisal was $87,500.

About 8 weeks ago I had received a new PVA report which listed the taxable value of my home at $95,500.

I was told that the appraisal would likely be a bit higher than the PVA value, but in this case it wasn't and neither appraisal had ANY knowledge of the "Extras" e.g. Masonry Fireplace, 2x6 walls...

My adjuster said that it did not matter that the 1st draft for the depreciated value was low or that neither appraisal contained structure specifics because the 2nd draft for the replacement cost would make up for the lower appraised value.

I don't doubt what he has told me to be true; however, I would like confirmation to be on the safe side.

Thanks for your time.

[webmaster]

The tax value of your home has nothing to do with the insurance value. The tax value is a real estate value where as the insurance value is what it would cost to rebuild.