Calculating condo replacement cost?

We are in contract for a DUMBO condo and are getting quotes for walls-in (HO6) insurance.  As relocating California suburbanites we have no idea how to estimate “replacement cost” for a Brooklyn condo.  Is there a rule of thumb, such as a percent of selling price or dollars per square foot?

SMR

in Insurance 13 years and 3 months ago

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landlord | 13 years and 3 months ago

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If you are looking for max protection, try to insure it for as close as possible to the current value of the apartment.

On the other hand if you are looking to insure it for as little as possible, go for the amount of the mortgage since
your mortgage co will require you to insure it for at lease the amount of the mortgage.

In the end, is the Insurance co who will probably determine the max replacement value of the place.

I hope this helps