Insurable value is the replacement cost of a property, and is typically less than the property's market value since the value of the land is excluded. Replacement cost is the cost of replacing an existing asset with the same utility and quality of construction, without taking depreciation into account. Replacement cost is usually higher than an property's book value. An insurance appraisal verifies that you have adequate insurance coverage using a third-party unbiased source. Paul Conahan has the highest appraisal license certification (Michigan Certified General License # 1201002454).