Self assessment of Reconstruction Value

Assessing your house’s reconstruction value is the most important aspect of purchasing Home Insurance. If you have a ready estimate of your house’s value (structure only), you may already use this as the reconstruction value. However, if you do not have an idea, you may use the guide below. Remember, for home insurance, it is always better to overestimate than to underestimate.

Getting a professional appraisal of your house will ensure the most accurate valuation. However, this service can cost you anywhere between PHP10,000 - PHP30,000, or even higher. In appraising your own home’s reconstruction value, the guide below will estimate the value of a conventional home in accordance to the description. In accounting for floor area, only account for the structure and don’t forget to include above-ground and below-ground floor area if any.

• Basic - Flooring is mostly carpet or sheet vinyl. Kitchen cabinets are builder’s grade while countertops are laminate or tile. Exterior is vinyl or metal with minimal detailing. (15,000 x Floor Area sqm)
• Upscale - Flooring is mostly ceramic tile, hardwood or carpet. Kitchen cabinets are softwood while countertops are natural stone. Parts of the exterior are stucco, brick, or other masonry. (25,000 x Floor Area sqm)
• High-end - Flooring is hardwood or top-quality carpet. Kitchen cabinets are hardwood while countertops are granite or quartz. May have built-in bookcases. Exterior is mainly stucco, brick, or other masonry. (45,000 x Floor Area sqm)