The cost to rebuild a damaged home went up approximately 3.95 percent nationwide last year even as real estate prices were declining, according to a study by a technology firm.
Orem, Utah-based Xactware said in Phoenix, the hardest hit metropolitan region, where average home values fell 32.9 percent in 2008, the rebuilding cost went up 5.38 percent.
Its findings, said Xactware, point to the need to keep updating insurance coverage based on construction costs.
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