Property Valuation
Which type of value is used to set a home's price for insurance replacement purposes in Connecticut?
AMarket value
BAssessed value
CInsurance replacement cost value✓ Correct
DLiquidation value
Explanation
Insurance replacement cost value is used to determine the cost to rebuild a structure if destroyed—distinct from market value (which includes land) or assessed value. Homeowners insurance is based on replacement cost.
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