Buildings Insurance - amount to insure for?

Muppet81

I am just renewing my buildings and contents insurance.

I have a 2 up 2 down stone cottage with a value of about £190,000.

The sum the buildings are insured for is currently £100,000 and my OH insists this is enough to rebuild if the worst happened. I have my doubts but don't really know enough to argue.

In the event of major accidental damage I am assuming there would be cost to make safe, then demolish or part demolish then rebuild. Would you agree that £100,000 is a reasonable figure to insure it for or should I up it?

Would appreciate advice before I go ahead and renew.

*Scarlett

Many insurers offer an unlimited buildings cover or a high "blanket" cover which means you would be covered for the full rebuild costs.

Why not get a few online quotes and see who is offering this type of cover. When I had been checking a few weeks ago it didn't seem that the prices were any dearer and you have peace of mind that you have adequate cover.

Or you could give your current insurer a ring and ask them for advice.

Your OH may be correct but you might be able to find a policy with additional benefits for alternative accomodation, ground clearance, architect, surveyors fees, etc.

JPS29

As above reply really.

Just insured with Co-op, very competitive and cashback through Quidco. Think the standard amount they give for insured rebuild costs is half a million

Muppet81

Thanks for your advice. I will ring my insurers and ask as you suggest.

10_66

Muppet81 wrote: »

I am just renewing my buildings and contents insurance.

I have a 2 up 2 down stone cottage with a value of about £190,000.

The sum the buildings are insured for is currently £100,000 and my OH insists this is enough to rebuild if the worst happened. I have my doubts but don't really know enough to argue.

In the event of major accidental damage I am assuming there would be cost to make safe, then demolish or part demolish then rebuild. Would you agree that £100,000 is a reasonable figure to insure it for or should I up it?

Would appreciate advice before I go ahead and renew.

You might find THIS link to the Association of British Insurers/Building Cost Information Service rebuilding calculator some help. It only takes a few minutes to go through the process, but should give you a better idea of the correct figure to insure for, rather than just guessing (you have to register and are provided with a password, but it's worth doing).

daveyjp

M&S do blanket cover too. Much easier than trying to second guess how much a house rebuild will cost.