(October 2012 to October 2013)
Insurers can expect increased replacement cost estimates in the fourth quarter of 2013.
Reconstruction costs increased almost 3 percent between October 2012 and October 2013, which should result in higher replacement cost estimates across the country. In fact, reconstruction costs increased by at least 2 percent in every state, with the Northeast experiencing the highest increases.
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.