Today we continue discussing the need for adequate replacement cost on your homeowners insurance policy. As mentioned previously, it can be more expensive to rebuild your home after a disaster than new home construction. Here are some reasons why:
- First of all, your damaged home's structure may need to be demolished, and debri hauled away and disposed of.
- It can be harder to access the site with large equipment with neighboring homes close by, requiring hand labor which is much more expensive.
- If the upper structure is damaged, but the lower remains, reconstruction must begin at the top and move down which will take longer and be more expensive than traditional construction methods.
- New construction cost estimates tend to be based on contractors building several structures at one time which gains them a significant discount for materials and skilled labor. These discounts wouldn't be available for a single rebuilding project.
- Because of the unexpected increase in demand after a natural disaster, building costs for materials and labor tend to be higher.
- The cost of temporarily storing your remaining property and belongings may be necessary to safeguard them from further damage from the elements or vandalism.
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