Frequently Asked Questions

1. Can I use AccuCoverage® for any type of home?
2. Why do I need a replacement cost report for my home?
3. What do I do with the replacement cost report once I have created one for my home?
4. What is Replacement Cost?
5. Is a Replacement Cost report different from a real estate appraisal?
6. How does AccuCoverage® determine Replacement Cost?
7. What is component-based technology?
8. What do AccuCoverage® costs contain?
9. What are some of the added fees and considerations of reconstruction?
10. How can I find out more about the insurance regulations for my state?
11. Is my personal information safe on AccuCoverage®?
12. Will my personal information or home data be sold or made available to other parties?
13. What type of resources does MS/B provide to insurance carriers?
14. Who is MS/B?
15. How much is a Report, and how many can I run a year?
16. How do I get started?

1. Can I use AccuCoverage® for any type of home?

Currently, AccuCoverage® can produce an insurable value report for single- and multiple-family (up to 4 family units) homes in the U.S. with a maximum of 5,000 square feet. The application is unable to value properties used for commercial purposes, mobile manufactured housing, log homes, A-frames and high-value homes or mansions.

2. Why do I need a replacement cost report for my home?

As a homeowner, your home is probably your most valuable asset, making your home insurance policy the most important safeguard against potential loss. An AccuCoverage® report will provide an estimated replacement cost of your home with all features and materials considered, plus the added fees and considerations of reconstruction in your area. You can then use the estimate as a powerful validation tool when shopping for an insurance policy.

3. What do I do with the replacement cost report once I have created one for my home?

After you have completed an AccuCoverage® report and realize the replacement cost of your home, you are prepared to review your policy in detail with your agent or insurance carrier. The information detailed in the report will serve as a great validation tool when deciding on the amount of coverage you need to protect your home from potential loss.

4. What is Replacement Cost?

Replacement cost is what it would cost to completely replace your home with like kind materials of equal quality and utility, without deducting for depreciation (the expected decrease in value that results from normal wear and tear). Most insurance providers and financial advisers recommend that you insure your home with replacement cost coverage.

5. Is a Replacement Cost report different from a real estate appraisal?

Yes. While a real estate appraisal determines the market value of your home, a replacement cost report determines the reconstruction cost of your home should a major loss occurs. Depending on the local market, rebuilding your home could cost more or less than the home’s current market value. Reconstruction cost includes many variables of construction that are not included in a real estate appraisal.

6. How does AccuCoverage® determine Replacement Cost?

Using the same component-based technology that is used by most of the country’s major insurance providers, AccuCoverage® determines replacement costs using MS/B’s acclaimed reconstruction cost databases and characteristic information you provide about your home.

7. What is component-based technology?

Component-based technology, or the “total component” method of determining a home’s value, enables users to develop reconstruction cost by simply identifying and entering the observable home characteristics requested (e.g. roof, flooring, walls, finishes, etc…). It uses formulas and databases to generate a report in a risk-specific manner while accounting for localized building codes, structural considerations, local labor and material costs.

8. What do AccuCoverage® costs contain?

AccuCoverage® costs contain the estimated replacement cost of your home plus the added fees and considerations of reconstruction.

9. What are some of the added fees and considerations of reconstruction?

Unlike new construction, rebuilding an existing home requires additional consideration of several local market factors, including current building codes, higher labor costs, extra fees for site accessibility, loss of economies of scale associated with new construction, and the costs of demolition and debris removal.

10. How can I find out more about the insurance regulations for my state?

Every state offers valuable resources to assist you in understanding how much homeowners insurance you need. Contact your state’s Department of Insurance or visit its website for more information.

11. Is my personal information safe on AccuCoverage®?

Our website is secured by Verisign’s SSL encryption technology for all personal and home data input. Encryption is a way of coding the information in a file so that if it is intercepted by a third party as it travels over a network, it cannot be read. Only AccuCoverage® can read your encrypted information.

12. Will my personal information or home data be sold or made available to other parties?

No, all personally identifiable information you provide on AccuCoverage® will be maintained exclusively by MS/B. See our Privacy Notice and Terms of Use for more info.

13. What type of resources does MS/B provide to insurance carriers?

MS/B is the leading provider of replacement cost calculation technology for the insurance industry. Most providers currently use our component-based software as the standard for determining replacement costs. Insurance providers should direct all customer or product inquiries to our MS/B office at 800/809-0016.

14. Who is MS/B?

MS/B is the leading provider of building cost data necessary to determine replacement costs of residential and commercial structures throughout the United States.

15. How much is a Report, and how many can I run a year?

The current price to run a report is $7.95 and you are able to purchase up to five(5) reports a year. Please Note: Prices are subject to change without prior notification.

16. How do I get started?

To create a replacement cost report for your home, you will need to set up an AccuCoverage® account. Click here to get started.