How much does it really cost to rebuild your home?

TALLAHASSEE, Fla. – Jan. 9, 2012 – Some homeowners have had to beef up the amount of property insurance they buy to cover what they say are inflated cost estimates to rebuild their homes.

It’s a double whammy for homeowners because for many, rebuilding costs didn’t go down when the economic downturn lowered construction costs over the past few years.

Take John Hutelin, a pilot in Plantation whose premium increased 24 percent, to $3,873, after Citizens Property Insurance recalculated the cost to rebuild his home.

“That’s how they’re increasing premiums,” Hutelin said. Rebuilding costs are one of two ways state-backed Citizens can get around a law capping its annual premium increases at 10 percent.

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fluidideas@gmail.com

fluidideas@gmail.com

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