Dude! Sweet!
Charter Member
Trying to get an estimate on a reasonable "per square foot" construction cost to update my home owner's insurance. Anyone have any ideas? Located in Southern CA. Is the number $150/square foot? $200/? $250/?
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Home construction estimated price per square foot
- Thread starter Dude! Sweet!
- Start date
clayinaustin
Charter Member
Alot will depend on how much you need to "replace". For example, if your home burns down, then the land and the foundation may not need to be "replaced". This will greatly reduce your "square footage" construction costs.
I would bet that in Southern CA, land and foundation costs are a large percentage of the total cost of a house.
I would bet that in Southern CA, land and foundation costs are a large percentage of the total cost of a house.
Depends on the size, construction, layout, number of corners, custom or standard appliances, fixtures, wall & ceiling coverings, external features and add-ons (columns, stucco, facia), roof structure and code, number of roof peaks/joints, ceiling height, flooring, etc., etc.
Here's a handy little calculator:
http://www.building-cost.net/CornersType.asp
Here's a handy little calculator:
http://www.building-cost.net/CornersType.asp
Dude! Sweet!
Charter Member
It's for the coverages and limits section. It values the dwelling (replacement cost). So I was trying to get a rule of thumb on it. I agree, super variable. That calculator was useful. Thanks!
stecz20
PROUD
all they want to know is replacingment cost, or loan value.. i have never had any co ask for cost per sq ft... how the hell are you supposed to know or figure that out.... there is no rule of thumb on per sq foot... th eonly way to even know for sure is to do a take off with a set of plans, then the price is only good for a few months cause price will change with material cost...
there is no reaosn for you to fig out sq footage cost, its meaningless to you.. you can insure your house for whatever you want, just got to pay...
Dude! Sweet!
Charter Member
Oh yah, sorry I see what you're saying. They're looking for total cost, but I'd always been used to hearing a per square foot number (I guess from commercial leasing) so I thought that would be an easy way to get a rule of thumb. No worries.
Tony
Founding Member
Insurance Co's just gont get it. I get at least half a dozzen calls per season from some adjuster who is demanding a price per square foot asphalt repair cost over the phone. If they still want to argue after I explain in detail that it doesnt work that way, then I just hang up.
RebarBox
Charter Member
I'll build as many as you guys want using that calc's numbers...
Just tell me when and where to start!!! :biggrinjester::biggrinjester:
Dude! I don't know what the CA rate is now, but here in FL a few years ago it was $125.
Typically, homeowners insurance is rated at the lower of first mortgage balance or replacement cost of the structure. Most of the time the first mortgage value is higher than the estimated per sq ft replacement cost so insurance agents don't have to bother.
A decent agent should know this number for your area. It's not that hard to figure out. Look at new construction prices, deduct land value as estimated by property appraiser, calculate per sq foot cost.
Typically, homeowners insurance is rated at the lower of first mortgage balance or replacement cost of the structure. Most of the time the first mortgage value is higher than the estimated per sq ft replacement cost so insurance agents don't have to bother.
A decent agent should know this number for your area. It's not that hard to figure out. Look at new construction prices, deduct land value as estimated by property appraiser, calculate per sq foot cost.
Dude! Sweet!
Charter Member
Yup, that's what I'm trying to figure out... whether I'm over insured or not. Looks like Empower (aka Insurancegod from "the other site") is going to save me about $700 per year with the same coverage I have now though, so I'm gonna let it ride with that I guess.
