Profile picture for ande1352

What is the average replacement cost per square foot to rebuild a house in Shakopee, MN?

We're looking at finding a new homeowner's policy, and I'm trying to figure out what the replacement cost for our dwelling would be - what it would cost to rebuild.  Where can i find the average cost to rebuild per square foot for Shakopee, MN?
  • November 20 2012 - Shakopee
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Answers (4)

Profile picture for user5210438
Builder's estimate is not appropriate for insurance.
They think in terms of building new, not rebuilding after a loss (much different scenario), it's worse if you asked a tract home builder.

The replacement cost on your real estate appraisal is also a new construction estimate, not for insurance.
It's there for a make vs buy comparison, not what it would cost to rebuild.

The insurance agent that was willing to offer coverage based on the real estate appraisal (market value or cost approach) was either incompetent or unethical - the one that refused was the one that you wanted. In a total loss there won't be enough limit to recover, and there's likely a coinsurance penalty to be applied to any partial loss.

You can check the cost to rebuild yourself at accucoverage, 360-value, or e2value. These are all used by insurance companies. Don't use craftsman or building-cost.net, these aren't for insurance.
  • January 15 2013
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Profile picture for peter.anderson
That's part of the reason I asked the question, because I called a local builder and he told me their numbers were highly inflated, they were high anywhere from 50-100k.  After talking with some other home builders they're telling me it's a fight they've been having for a while - a lot of insurance companies raising the replacement cost values for homes, mainly so they can charge higher rates. 

After searching around for quotes I ended up finding one that had a replacement cost much more in line with what it would actually cost to replace our home were it to be a total loss. We saved over $700 by switching.
  • November 25 2012
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are you looking for Insurance purposes?  I can give you both builder and insurance information for Shakopee if you would like (Burnsville as well)
  • November 20 2012
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 Just a thought.  
Why not call a local reputable building company and ask them? Tell them what style of house you have, the amenities and the square footage etc..
 or you could call another insurance company in your area and ask them.
  Good luck 
  • November 20 2012
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