Building valuations in NY

[Dale Cooper]

I have a single family rental home in the Albany area. 6,000 sq.ft. joisted masonry, built in 1900, assessed at $140K. Not a slum, but certainly not a mansion. My insurance policy is up for renewal, and my (new) broker just came back to me with an insanely high premium. Almost 3x higher than last year despite no losses.

The reason for the higher premium: the underwriter's new "e2value system" values joisted masonry at $165/sq. ft. So this humble investment property is worth over $900K in the underwriter's eyes.

I'm used to seeing valuations of $65/$75 per square foot in FL, but this guy claims $150-$300 per square foot is the standard in NY. Am I getting fleeced?