We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
How to work out rebuild cost of house? What are the consequences of a shortfall? RO
confused_landlord
Posts: 129 Forumite
I had my house valued in 2003. Since then I called the company my mortgage is with to ask them to quote for building insurance and they said I would have to tell them how much to insure it for. I had hoped that as my mortgage company they would be keeping track of how much they want me to insure it for, but they just asked me to tell them how much to insure it for.
I have the 2003 valuation. How do I update this to 2009? I have had insurance for the past few years but I always just guessed at a figure. This time I would like to put a little more effort.
I dont have the dimensions of the property. Ideallly, I would like a site which allows me to put in a the 2003 figure and it updates it for the 2009 figure.
Also, If my buildign insurance falls short of the rebuild cost, what happens? Can I just pay the difference or will the building insurance people refuse to pay up altogether?
Thanks in advance.
I have the 2003 valuation. How do I update this to 2009? I have had insurance for the past few years but I always just guessed at a figure. This time I would like to put a little more effort.
I dont have the dimensions of the property. Ideallly, I would like a site which allows me to put in a the 2003 figure and it updates it for the 2009 figure.
Also, If my buildign insurance falls short of the rebuild cost, what happens? Can I just pay the difference or will the building insurance people refuse to pay up altogether?
Thanks in advance.
0
Comments
-
There is a website that estimates rebuild cost, but I haven't used it for a while so can't remember the name - sorry.
Some insurers cover a fixed sum when you insure with them online - with Zurich, this is £500,000.0 -
Found it here
http://abi.bcis.co.uk/0 -
BruceyBonus wrote: »Found it here
http://abi.bcis.co.uk/
These people want to know the square footage of the house etc. I was hoping for some kind of index linking for my 2003 quote0 -
Typically, you find automatic cover upto £x amount is the cheapest way to insure nowadays. This removes the requirement to set your sum insured. If you have had a survey and that sets a rebuild value (as it does) then you can use that and let the insurer index link it. If you do this they will accept the figure as being correct. Changing frequently can break that link though.Also, If my buildign insurance falls short of the rebuild cost, what happens? Can I just pay the difference or will the building insurance people refuse to pay up altogether?
If you under insure by say 20% then they will reduce any claim (regardless of how small) by 20%I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 262K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards