Insurance Valuation of Building
We are a five floor coop appx 6000 sq ft. in total. Built in late 19th c. with a fair amount of architectural detail. How do we determine how much to insure for? I suppose the question is : what is the going rate for cost of replacement per square foot? Marlene
We are a five floor coop appx 6000 sq ft. in total. Built in late 19th c. with a fair amount of architectural detail.
How do we determine how much to insure for? I suppose the question is : what is the going rate for cost of replacement per square foot?
Marlene
Thank you. We will consider calling you when it’s time to renew our insurance.
When determining the replacement cost of your building, the original details can be difficult to calculate because replacing them can be very hard. Double check to see if your building’s by-laws cover the original details inside the units. If that is not stated, the original details in the units are the responsibility of the individual unit owners and should not be taken into account for the building coverage. Typically, the very low end estimates I have heard are $150 s/f from insurance companies. We usually do not go below $200 per square foot and depending on the details and finishings, the replacement cost goes up from there. I hope that helps.
Will Smoltino
Narrows Insurance Agency, Inc.
pre-cast concrete replacement of an ornamental stone cost somewhere between $500 to $1,500.
Obviously, you won’t be replacing all of the stones at once. Patching is $20/sf, crack repairs $10/lf.
For a 24 story landmark building that was in need of immediate repairs, I had approximately 50 stone replacements, 1000 s.f. of patching and 1000 l.f. of grout injection.
Also you may need to include sidewalk bridge and mobilization costs as well as professional service and DOB application fees.