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Rebuild Estimate for a New Build
turtletowers
Posts: 9 Forumite
I am buying a new build and was told to wait for the valuation before getting buildings insurance, as I would need to know the 'rebuild' value.
The valuation has come back and I have now been told that they dont quote a rebuild value!
I have been told to get buildings cover for the price that I am paying for the property...
Will this be sufficient? I know that the price I am paying includes the land cost and the profit margin, but I am concerned that it costs the house builder less to build a house than it would for me to rebuild a house.
Thanks
ps I am pretty angry that although I paid £400 for the 'valuation' they wont put their neck on the block and give me a rebuild value!
The valuation has come back and I have now been told that they dont quote a rebuild value!
I have been told to get buildings cover for the price that I am paying for the property...
Will this be sufficient? I know that the price I am paying includes the land cost and the profit margin, but I am concerned that it costs the house builder less to build a house than it would for me to rebuild a house.
Thanks
ps I am pretty angry that although I paid £400 for the 'valuation' they wont put their neck on the block and give me a rebuild value!
0
Comments
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The purchase price and the rebuild cost are two totally different things and I'd say you put yourself in potential trouble if you use the former in arranging insurance.
There are sites (Aviva has one I believe) where it will calculate the rebuild cost for you and give you a guarantee as long as you insure with them.
Otherwise, I tend to use Paymentshield, Towergate and Select & Protect who give blanket cover of £300k or £500k regardless of the actual cost of rebuilding.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I am finding on many websites though that because it is a new build, the property does not exist and therefore I need to call up.0
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How about using a broker for the first year's cover then? It might make life easier if you are struggling with that.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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I've just realised I posted this in the wrong thread!
Link to ABI rebuild cost calculator;-
http://abi.bcis.co.uk/I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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