If you want to know how much home insurance you need, then you ought to know the cost of rebuilding your home. Your insurance coverage should be able to reconstruct your house from scratch. This means you need to know the factors that determine a property's construction costs. Below are some of these factors.

Size of the home

The square footage is the primary determinant of home construction costs. The bigger the home, the pricier it is. Therefore, if you renovated and increased the size of the home after purchase (say you added a bathroom or bedroom), its construction cost will be higher than it would have been initially.

Location of the Home

The location of the home matters for three main reasons. First, labor costs vary by location depending on various issues such as the local economy. Secondly, material prices also vary by location depending on different issues such as taxation and manufacturing costs. Lastly, your home may also cost a lot to construct if it is difficult to access (for example: if it is perched on a hillside).

Building Materials

There are three main reasons building materials determine reconstruction costs. First, the type of material matters because some materials are more expensive than others. For example, slate roofing materials are more expensive than asphalt roofing materials. Secondly, the quality of materials also matters; for example, there is high-quality and low-quality slate, and they have different prices. Lastly, the rarity of the materials is also a factor. For example, historical homes constructed with rare materials are difficult to reconstruct if the same materials are to be used.

Number of Rooms

The number of rooms also comes into play; the more rooms, the higher the construction amount even if the square footage is kept constant.  When you add a room, you also have to add a wall, door, window, and maybe even cooling and heating needs. All these things increase the reconstruction costs.

Architecture and Special Features

Lastly, consider the architectural style of the house and any special features it may have. For example, houses with exotic architecture that might not be common in the state or country cost more to construct than common architectures. In general, the more corners and angles a house has, the more its construction costs go up. Special features such as fireplaces, skylights, arches, and domes also increase construction costs.

Note that the construction cost of your home also determines your home insurance rates. If you are not sure whether your current coverage can reconstruct your home from the ground, it's time to go back to the drawing board to confirm everything.

For more information on home insurance, look at companies like Scovotti Insurance.