How much would it cost to rebuild my townhome ? an Insurance quote question.?
I am buying a townhome for 215K and it has a association which has insurance to covers outer part. As home owner I need H06 policy to take of interior and my personal property.
I am closing next week and need to buy a home insurance and whenever I am getting quotes everyone is asking me what value you want for home replacing coverage to be. They are asking home much would it cost to rebuild my townhome, how would I know this.
Here is the scenario:
Its a PULTE built 2004 construction and was sold around 300K in 2004 for first owner, now since prices have come down I am getting the townhome for 215K.(3 bed, 2.5 bath,2 car garage,basement, 2 story,2000 Sft.), its in Chicago suburbs (Schaumburg IL).
So how would I know how much would it cost me to rebuilt incase of a full fire damage to the home, since I own the land I can reconstruct I guess.
Any approximate dollar amount as how much would it cost to rebuilt ?