Buildings Insurance question

owen5

Hi,
I completed on a house purchase today and I am now trying to get quotes for Buildings Insurance as the policy I had to cover me until completion expired today.
As most of you probably know the questionnaire asks how much it would cost to rebuild the property-I am a FTB and have absolutely no idea where I can find this sort of info!! Can someone help me?
The property I have bought is a new build 4 bed by persimmon and is still listed on Rightmove but I cannot post the link.
Thanks in advance
Owen

Cannon_Fodder

Should be mentioned in your survey.

The selling price will suffice, if desperate to make sure you are covered - which you should be - you don't want the snow to collapse the roof tomorrow night...!

McKneff

I use the Cooperative insurance Society, pay just over £200 for the lot,
buildings, contents, accidental damage, things away from the home.
They will also advise you of rebuild costs, i was told at one time that it was nowhere near the selling price because you own the land and thats the expensive bit, if you house fell down you wouldnt need recompense for the land, which makes sense when you think about it.

owen5

Thankyou both, that was useful information. Insurance now sorted and am very happy with quote

Richard_Webster

I assume you bought this without a mortgage.

If you had a mortgage you should have produced evidence of your insurance to your solicitor in order for him to be satisified that he oculd use the lender's money to complete the purchase. Also, most lenders (not C&G and Halifax) will give you arebuild cost on the mortgage offer or copy valuation report that they supply.

Another possibility is to use a company that gives unlimited cover.

G_M

The selling price will suffice, if desperate to make sure you are covered

Selling price and rebuild cost are two totally different things, though Cannon Fodder is right that 'it will suffice' since rebuil cost is usually lower than market value (though not always!).

There are 3 ways to get to the rebuild cost:
1) if you have a mortgage, the mortgage company's valuation will show it, since the mortgage company will want, no insist, that you insure properly.
2) you can pay a surveyer yourself to look at the house and give you a rebuild cost
3) you can use a re-build calculator like this for a pretty good guide, provided the property is standard (not a listed building etc )

More info here.