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Rebuild cost is what it would take to reconstruct the building from scratch, which is not the same as market value. It comprises construction at current rates, demolition and clearance of the damaged structure, and professional fees for design, approvals and supervision.
Construction cost
Construction = Floor area x Construction rate per square foot
Total rebuild cost
Total = Construction + Demolition and clearance + Professional fees
Indicative estimate only. Fees, entitlements, limits and formulas vary by jurisdiction, statute, policy wording and the facts of the case. This is not legal, tax, insurance or financial advice — confirm with a qualified professional or the relevant authority.
In areas where land is cheap and construction expensive, yes. In prime urban locations market value is dominated by land and far exceeds rebuild cost.
Yes. Construction cost inflation is often faster than general inflation, and most policies apply average to any shortfall.