The insurance company that provides coverage for Richmond’s school buildings has reaffirmed its commitment to replace fire-damaged William Fox Elementary School.

Roanoke-based VAcorp made the statement in seeking to clear up confusion about the amount of funding it would provide to rebuild the historic structure at 2300 Hanover Ave. in the Fan.

A Feb. 11 fire of still undetermined origin destroyed the second floor and roof of the school that dates to 1911. At the time, the alarm system was malfunctioning.

According to School Board members, the company, which provides coverage for government-owned structures, has provided a preliminary estimate of $13 million as the cost to replace primarily the roof and top floor.

That is lower than the $23 million that an architectural consultant has estimated, the members told the Free Press on condition of anonymity as the information was provided in a closed session.

“We believe that the information provided accurately represents the cost to rebuild the same building,” said Chris Carey, VAcorp’s administrator.

But he said that figure is not set in stone. “If it is wrong, we would reconsider based on any information provided that supports a different cost,” he said.

He noted RPS has not issued a bid for the project with specific details, nor has it received responses that would provide better information.

“Neither you nor I know what is included in the projected costs and whether it is consistent with the current construction of the building.” Mr. Carey continued, includ- ing meeting current building code requirements, such as a sprinkler system.

However, he said he considers it “very unlikely that there is a $10 million discrepancy to replace that building unless there are substantial upgrades being considered in the re- build,” such as an expansion of the 58,220 square feet of space that stood above grade before the fire. The school also has a basement that was not damaged.

In his view, based on a drop in building material prices, “our estimates are way closer than we are being given credit for. If you consider the collapse of commodity costs, the cost of rebuilding Fox should be less than the reported 2021-22 cost of school building. For example, lumber costs are currently at 2019 levels.”

According to the Virginia Department of Education, school divisions spent an average of $294 per square foot to build new elementary schools during the 2021-22 school year.

However, Mr. Carey reaffirmed that VAcorp would keep its promise to replace the building that existed even if it cost more. That promise does not include paying for add-ons unrelated to building code requirements, he said.

He said VAcorp already has spent about $1 million on Fox, including spending “to shore up the existing walls that will be remaining.”