Insurance companies inflate replacement costs of homes.

I recently moved and applied for new homeowners insurance. I was shocked to get a quote with the ERC (Estimated Replacement Cost) of $262,000. When I was able to lift my jaw from the floor. I decided to do a little investigating. I know that market price and replacement cost are not the same thing so I went online and found a site that would allow me to calculate the cost of building a new house similar to mine. I was somewhat detailed and took only a short while to get the cost to build a similar house to mine. My suspicions were reinforced. I would expect differences in different estimating systems, but what I found was staggering. My online estimate was over $100,000 less than the insurance companies. Does this sound familiar? Housing market? Inflated home values? This is just another way to pick the pockets of the public I have wrote the insurance department of my state and I encourage you to do the same. When are these people going to learn that free enterprise doesn't mean scamming. There are class action law suits .in other states. The financial industry needs more stricter regulation.