Land value is not covered under insurance policies that I know of. A total loss does not make the lot/land any less valuable than it was before the loss. What I meant was you can buy a house for 150k (loan amount) but to rebuild that exact same house with new material will more times than not cost more than the 150k.
Ok, I think were on the same page. State farm was quoting me 15k+ above the purchase price of the house, including the land value. So were talking a quote that's 75k+ over the improvements on a brand new house. Seems a little excessive to me.