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Rebuild cost? - Where do I go?
cordial
Posts: 542 Forumite
It's always been a mystery to me as to what 'buildings insurance' is calculated on.
In my last remortgage the new lender was insistent on the property being insured for a total re-build in the worst case scenario, failing which they wanted it insured for the full amount of the sum being borrowed.
I can recall it proving almost totally impossible to get anyone to suggest (within the short time frame of the remortgage situation) a rebuild cost for this purpose.
Does anyone know of an answer to this problem? I am fairly certain that I am considerably over-insured as things stand at present.
In my last remortgage the new lender was insistent on the property being insured for a total re-build in the worst case scenario, failing which they wanted it insured for the full amount of the sum being borrowed.
I can recall it proving almost totally impossible to get anyone to suggest (within the short time frame of the remortgage situation) a rebuild cost for this purpose.
Does anyone know of an answer to this problem? I am fairly certain that I am considerably over-insured as things stand at present.
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Comments
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Do you mean when you are getting building insurance?Not sure about mortgages etc but when you get building s insurance for a house there are sites around to help work out your rebuild costs and its not the same as the house value. One of the sits is http://calculator.bcis.co.uk/ and you need to get a very rough outside width and length wether in feet or metres and then its a firly simple calculation. Is that what you mean?0
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http://abi.bcis.co.uk/ may be one source. The calculator is after all the blurb.0
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many providers now offer cover that is unlimited or to a set figure (£300K-£400K )that is often way above requirements for many peopleAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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Thanks to all.0
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rebuild info and calculator here: http://www.home-cover.com/home-insurance-faqs-insure-my-buildings-for.cfm
HTH!if it's more than 10 stone, and that hairy, it's probably not a dog...it may be a wookie.0
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