Home Replacement costs are HIGH! $200-300/Square Foot

I received a note in the mail today from my homeowners insurance company in reference to my 2 Family in Worcester.

A couple take aways:

Property Replacement Cost estimates are up 15-21% year over year

Material cost increases: Copper wire +156%, Lumber +41%, plywood +88%, PVC pipe +45%, Labor cost 5-7%

And local construction costs estimates are $200-300/SF.  WOW

Yes check your insurance coverage.

For the last 6 months cost per SF for a multifamily in Worcester was $163

Sounds like it is a deal to get all of these materials in place for that price point.

Might be worth buying a place and fixing it up!!!