Do homeowners insurers construe "Fair Market Value" as the value of the property before the damage or after?

Question

For example- The insurance company agrees to pay the Fair Market Value of your house that was destroyed by a hurricane. Is this the appraised value before the hurricane or after? This difference can be significant if the town was decimated by the hurricane and property values are now much lower. Please help!

Answer 1

As said, before.

Answer 2

If you have a replacement cost value policy - they pay the cost to rebuild the home as it was (same finishes).

If you have an actual cash value policy, they calculate the cost to rebuild your home as it was and subtract depreciation.

Answer 3

Before

Answer 4

It's before the hurricane.