Going by the Marshall & Swift Building Cost Service the range is from $36 to $129 depending on the size and quality of the construction.
The average 2300 sqft home with land already purchased is about $56 with top of the line upgrades throughout the home and about $98 dollars a square foot if you want to include an average lot.
These averages are from the top three communites accross the valley.
So... to sum up... 2300 sqft home is about 200K-250K depending on the options.
Thus, $150 will cover the replacement cost as there are building permit fees and demo and removal of the old prop. So, they are in line --- if you are using the top end of the scale and factoring in the standard 5-10 year value adjustments.
But, if you think prices will start to take off again...look at also getting gap insurance to cover rising costs in the future. $150 now may be $250 10 years from now.