'Replacement cost' insurance appraisal ?
Has anyone recently had an appraisal done for insurance purposes, that is, for figuring out what the cost to replace your home is, in the event of a catastrophe? Do the appraisers for the insurance company inflate the value in order to increase the premiums? Or are they pretty realistic about what it would cost to rebuild? If you built in the past 0 to 6 years, what has your experience been? Was there a huge discrepancy between what you spent on building (exclusive of land) and what your appraiser says your cost to replace to be? If so, what percentage, roughly, is the difference? (I'm finding it hard to believe there's been as much inflation in building costs as I'm being told, but I haven't kept up very closely.)