how can i tell if the replacement value for carpeting compares to a purchase from 1999 for which I have the receipt?

In 1999 paid 2.77 per sq ft for carpet, pad, installation using a discount coupon to arrive at that price. Insurance replacement value estimate is 4.76. Does this seem a reasonable estimate? The adjuster states an independent carpet analysis was used to arrive at their amount. This may not be a legal question but I am at a loss as to how to determine if this is fair. I already had to get a replacement quote for kitchen cabinets as they were undervalued – we are using a Public Adjuster but I am doing more of the scrutinizing and follow up work.

Asked on February 29, 2016 under Insurance Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

The issue is what is the cost today to replace with comparable quality; it isn't a matter of adjusting for inflation or finding the today-equivalent of yesterday's cost, but rather replacing what was damaged or ruined with the equivalent quality & type (or as close as you can reasonably get: after 17 years, a very close match may no longer be available). The best way to figure out if what you're offer is faired is to source out as close a comparable replacment as possible, and see what that would cost.


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