Replacement Value on an Island
 

We have a camp on Mark, and our insurance reached out to say their replacement value calculator does not adjust for the cost of doing the work on an island. I have no idea how to adjust the replacement value to closer to what it would cost on the island - looking for advice. Are there insurance companies that have a better handle on this ? Or is there a good rule of thumb for increased cost to move materials on/off and build on the island?

Thank you

Not a simple question or answer. As I recall, there are two or three primary vendors that publish the replacement cost calculators that are used by most insurers. So shopping insurers may just mean what estimator they're using. Island construction varies a lot, often no heat or ac, no insulation, built on piers, etc. Newer construction is a lot more updated. Most accurate is probably to get a contractor to give you per sdq ft cost for your level of construction/finish.

You could contact Island Services. They have a lot of experience building on the islands and maybe able to give you a square foot estimate for more current pricing.

http://islandservicecompany.com/about-us-2/

I am not sure that reaching out to a contractor for their opinion is going to matter to an insurance company. All that you need to do is book insurance that has a guaranteed 100% replacement cost rider. Every company I have used always has this.

Fair.
But if you want to know what replacement cost would be... the contractors working the area would have a better idea than a underwriting program designed with updates that are general in nature.

Every contractor is straight out and it's unrealistic to expect contractor to quote on a typical phantom project to appease your curiosity. Every project is different with varying build standards that could vary the cost by hundreds of $$ per sq ft. Rules of thumb don't apply as materials cost are changing on a daily basis.

Just thinking out loud; I would guess a 25% premium to build on an island vs. the mainland.

As I say, just a guess!

Since I work in the industry... I know material pricing.
And since the industry... including the insurers... can supply a rough estimate of a square foot price, my guess is that simply asking can supply a rough idea of square foot cost on the island would be reasonable.

They aren't going to go out and do a full quote of the existing structure.

The material cost the same whether I place it to be delivered to a mainland build or one of the marinas.

But what it costs to transport that load to the island... ???

You will pay higher not only for the transportation of materials, but your labor costs will be much higher in order to have someone put it together for you.

Additionally, your labor costs will be far higher for plumbers, electricians, etc.