I’m your side, OP. My mom’s home burned down in the massive Big Bear area fire about, oh, 15 years ago now. She came out way ahead. She had an old home built in the 1970s, it was still pretty nice.
Anyways, via the money from insurance company and the land she sold, she had enough to rent a home for over a year, buy a brand new home worth more than the old home, and enough to buy all new furniture and a kitchen remodel.
It was an interesting situation though. The plot of land was unable to be used (technically it could be used for a really tiny home) because new gas line revaluations exist. She sold the plot of land to a neighbor.
Some quick food for thought. She said even though she came out way ahead financially and the new home is beautiful and amazing and up to date and all that, she says she’d prefer to still have the old home.
Your situation might be different if it’s just an investment home. Either way, I’m with you!