(July 2012 to July 2013)
Reconstruction costs increased more than 3 percent, with the largest increases in the Northeast.
Overall, insurers can expect replacement cost estimates to increase in the third quarter of 2013. According to data from Xactware’s Industry Trend Reports, reconstruction costs are up in all 50 states compared with costs at this time last year. In almost 20 states, reconstruction costs are more than 4 percent higher than they were last year. At the national level, reconstruction costs are more than 3 percent higher than they were in July 2012.
For more details, view the 360Value® Overview of Property Reconstruction Cost Changes, which also includes a material cost analysis and labor cost analysis.