The city evaluation and the reconstruction cost are two very different things. The city is concerned more with the market value of your property, while the insurance company is solely concerned with how much it will cost to rebuild. The most common example that we give is the following: take a home in Westmount that is worth $1,500,000 on the market. That same home, located in Pointe-Claire, may only be worth $1,000,000 on the market. Depending on your location, the cost of your land will fluctuate considerably. This is why insurance companies are only concerned with the cost of rebuilding the structure, not the cost of the land.