January 2013 to January 2014
Insurers can expect increased replacement cost estimates in the first quarter of 2014
Reconstruction costs have increased by an average of 3 percent nationwide compared with one year ago, which should result in higher replacement cost estimates across the country. In fact, reconstruction costs increased by at least 2 percent in every state. New York, Arizona, New Mexico, and Vermont had the largest increases, with each state seeing increases of at least 5 percent.
For more details, view the 360Value® Overview of Property Reconstruction Cost Changes, which also includes details about how costs for building materials and labor have changed over the past year.