For our recent quote (Farmers) the replacement value per sqft was about $178 including debris removal, and they allow up to 129%, so $230/sqft.
This is for ~1400 sqft in Midcity, not on a canyon, but with a pool and fireplace. With the other coverage — contents, loss of use, etc., the policy is about 800 a year.
My parents live in the Midwest and have had full replacement with USAA for decades. They have gotten their money’s worth thanks to the weather around there (plus normal house stuff like an overflowing washing machine). Lose a couple of shingles? New roof! They recently had their siding redone because a branch tore through a bit on a part that doesn’t face the street. Because the original color and texture is no longer available, USAA did the entire house in the new stuff. The adjuster pointed out a dent on the garage door at the time and kind of tried to bully my parents into replacing it. They declined.
