No inflation metric is going to be perfect here, but CPI seems not unreasonable to me: disaster cost factor includes rebuilding costs, i.e. materials and labor

No inflation metric is going to be perfect here, but CPI seems not unreasonable to me: disaster cost factor includes rebuilding costs, i.e. materials and labor pricing, not speculative real estate value. In other words: the "real" cost is probably somewhere between the CPI-adjusted figure and the inflation-adjusted real estate speculative gains. But either way, the trendline is the same.