appraisal

Home owner's insurance?

The bank will definitely get a appraisal run on the house you want to buy when you buy a new house to make sure it is worth what the buy/realtor think it is worth.

SORRY I DIDN'T EXPLAIN MYSELF I AM BUILDING A NEW HOME IN FRENCHTOWN ON THE BAY AND WAS WONDERING BEFORE I HAVE AN INSURANCE AGENT COME OUT AND TELL ME WHAT THEY THINK MY HOME IS WORTH SHOULD I GET A REPUTABLE REALTOR TO GIVE ME AN APPRAISAL BECAUSE I DINT WANT TO INSURE IT FOR LESS THAN REPLACEMENT VALUE .THANKS KENNY

A realtor is not an appraisor, I do not think a bank/insurance company will accept an appraisal from a realtor. And do you know caps mean you are shouting?

On new construction, the insurance company will likely go by the average per foot construction cost prevailing at the time of binding the policy or a pre-sale purchase price from the builder, if applicable. If you are getting a mortgage on the property, the bank will order an appraisal and the insurance company will then use the appraised value of the structure to determine your insurance rate.

If you just want to get a ballpark now to know what you are likely going to be seeing on the appraisal, a Realtor can give you a market analysis about what they feel the property would sell at in today's market if it were for sale. It's not as precise as an appraisal, but if the Realtor comes up with good comps it should be within a reasonable percentage and you can calculate your likely insurance cost based on their approximate valuation. Remember that the insurance would be for the value of the structure, so back out the land value from the Realtor's market analysis before multiplying by the expected insurance rate percentage.

An insurance broker should be able to give you an approximate rate to use if you give him/her the info on construction type, location, type of roof, if it has hurricane shutters, etc. since you get discounts or penalties for different types of construction and proximity to the water or flood zones.