This raises the issue of land versus build costs.
For houses in ares not blighted by over-development or other excesses of the boom years (such as excessive developer profits), the brunt of the fall in the value of a house should be in the part of the house price that is the land value.
But do not the insurance polices for the burnt houses just over the re-build cost and owners only get screwed if they were under insured for that?
