Insured value vs. actual construction costs

[ChunksterK]

I was reviewing my home owners insurance and noticed that the structure replacement is valued at about $250 per square foot.  Is that sufficient, given the recent runup in material costs and overall home values?  What are mid-range home construction costs running in Puna these days?  Google was all over the place when I did a search.  Thanks.

[Chas]

We have "Replacement Cost" insurance. Probably more expensive, but they will rebuild your house no matter what the current construction cost is.

[Obie]

We have replacement cost and Building Structure Reimbursement Extended Limits.

The replacement cost is determined once a year and the extended limits are 150 % of the insured amount. The extended is paid if you rebuild the same house.

[AaronM]

Replacement home insurance is a must. No need to worry about square footage prices.

[ChunksterK]

I forgot to mention in the first post that my insurance company uses a formula for replacement value insurance, and it's $230 per square foot. That seems low to me. My current policy is a hybrid that has the place insured about 10% over what their formula pays. I'm really curious to know what people are paying for new construction these days.

[eightfingers2.0]

Don’t forget a place to live during the rebuild.

[Obie]

I used your figure of $250.00/ sq ft and multiplied that by my sq footage and it came up with the exact amount I am insured for.
The replacement cost on my policy is listed at less than that amount.
New construction costs include a lot of things your insurance won't pay for.
The foundation and plumbing under the slab are still going to be there in a normal fire situation.

[leilanidude]

Just completed a refinance (in Lava Zone ! ) and mortgage company mandated that replacement cost plus extended limits be on the policy. Also has some pretty good limits for living expenses while it is being rebuilt.

[Durian Fiend]

Just completed a refinance (in Lava Zone ! ) and mortgage company mandated that replacement cost plus extended limits be on the policy. Also has some pretty good limits for living expenses while it is being rebuilt.

Lava zone exclamation point-good one!   

I'm wondering how much of a premium insurance companies are charging for zone 1 compared to other zones.

[ChunksterK]

Thank you for all the responses! Based on what I've learned, I think I am adequately insured. I know that the land cost and slab would not figure into a rebuild. Also, I think the contents are overinsured, leaving a cushion for supplemental building costs. I'm still curious, however, as to what people are being quoted per square foot for new construction in Puna these days.