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.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
