HOMES AND RENTAL PROPERTY
Trend of Construction Costs of Dwellings
THIRD QUARTER 2002
REBUILDING COST CHART
Trend of Construction Costs of Dwellings
THIRD QUARTER 2002
Values on residences and rental property have changed during the past five years. If your insurance was adequate before, these percentages indicate approximate amounts to increase your insurance now.
--POLICIES WRITTEN--
| July, Aug., Sept. | 1997 | 1999 | 2001 |
| Frame | +13.0% | +8.2% | +3.3% |
| Brick | +13.9% | +8.6% | +3.5% |
Trend of Construction Costs--
Apartments, Hotels, Office Buildings
THIRD QUARTER 2002
Percentages below indicate amounts necessary to increase policies on apartments, hotels, and office buildings expiring this fall if the policies were previously written in adequate amounts.
--POLICIES WRITTEN--
| July, Aug., Sept. | 1997 | 1999 | 2001 | |
| Brick-Wood | +11.9% | +7.9% | +3.3% | |
| Brick-Conc. | +11.7% | +7.5% | +2.8% | |
| Brick-Steel | +11.0% | +7.3% | +2.7% | |
Trend of Construction Costs--
Factories and Commercial Buildings
THIRD QUARTER 2002
Factories and commercial buildings likewise cost more to build this fall. Figures below show amounts to increase previously adequate policies covering factories and commercial buildings.
--POLICIES WRITTEN--
| July, Aug., Sept. | 1997 | 1999 | 2001 | |
| Frame | +6.6% | +5.6% | +3.8% | |
| Steel | +4.8% | +3.4% | +2.0% | |
| Brick-Wood | +10.0% | +7.9% | +4.1% | |
| Brick-Conc. | +9.2% | +6.3% | +2.9% | |
| Brick-Steel | +12.5% | +8.2% | +3.6% | |
Written permission was granted by the owner of the copyright, Marshall & Swift/Boeckh (MS/B), Los Angeles, CA, prior to using MS/B's Building Cost Index. The charts and percentages are based on national construction cost figures and are used for demonstration purposes only. Actual local construction costs, or an appraisal, should be the final basis for determining your property values.
Copyright 2002. All rights reserved. The Rough Notes Co., Inc., Carmel, IN 46032