So my insurance guy is trying to jack up my replacement cost even though he said it automatically increases 3% every year.
He said he won’t insure a house for less than $200/sq.ft (a dump. His words) And $300 for nicer homes.
He said a 2 car garage costs $45,000 to build.
He also said if you don’t rebuild you will only get “depreciated” value. This was after he mentioned 3% appreciation.
I told him my friend JUST built a VERY similar house to mine for $400,000 less than he wants me to insure mine for.
So what do you guys think?