Insurance Rebuild Cost
 

Another insurance thread. I am shopping my homeowners and I have gotten two quotes so far.
From Tower Hill, they say the replacement cost is at $200 sq ft.
From Kin, they say $159 sq ft.

On my 1910 sq ft house, that's a $78,000 spread????

I have google it with little success, so I am wondering if anyone has recently research a per ft cost for home replacement.

Thanks in advance.

It really depends if the policy covers replacement cost or actual cash value. I think most policies are replacement cost policies. If so, the company is required to rebuild your house regardless of what it costs. The cost per square is just an estimate.

You'd be hard pressed to build a decent home at $200/sq. ft. these days. Admittedly, construction is more expensive in the Northeast, but residential construction there is running $300+ per square foot.

My guess for Florida and a TV type home, would be around $225-$250 sq. ft. TV builds in such volume, they can probably get their cost down around $175-$200 per sq. ft.

Need more quotes. Try villages insurance, they should be able to give a ballpark figure. Being underinsured would be a claim nightmare

TV might build at that cost, but builders used by TV work almost exclusively for TV.

Re build cost for insurance purposes usually does not include the slab and the below ground plumbing.

Always purchase the extended replacement cost on dwelling. In the event of a total loss the company will increase your coverage A amount on day of loss (which includes an inflation built in amount) by your replacement cost %. (Example $200,000 with inflation of 6%, $12,000 for the year. If total loss 100 days into policy, that would be around $3,288.00 plus $200,000x 20% R/C would give you $243,947 cost to rebuild amount) I think I did my math right. Haha the thing that most need to remember is the value of your home investment.