home buildings insurance confusion

rhubarbarella

Hi, I am hopeing someone can help me here...it is coming up to renewal time for my home buildings and contents insurance. Last few years I have been with same insurer but theyve sent the renewal thing and my policy price has doubled(!) despite no claims, no changes etc. So I am just doing some searches for a new quote.
I read on the guide over on the main site to check house rebuild value via abi calculator as it would likely be less than the house value to purchase...yet the estimate to rebuild is about double the current value of the property. So is that still the amount I should put?
Sorry, hope that makes some sense, its a few years since Ive done this and obviously house values have chaged rather much since then.
Thanks for any help

Sweey_as_a_nut

rhubarbarella, what you need to do is phone your insurance company tell them you have not claimed for the amount of years that appertains to your circumstance and tell them inflation is about 5% not 100% and go on to tell them, if my renewal quote is not set at reasonable level you will change to someone who will. About the house building cost that would not affect the price that amount.

p00pieb0tt0m

I'm finding the same. Bought the house two years ago for £118K, surveys priced rebuild at between £130-£135K, and now with abi calculator and the rebuild values that the comparison sites suggest, its up to £242K. Mental really. The comparison sites that do suggest a rebuild value don't allow you to reduce their suggestion. I'm afraid we'll have to just go with it.

The following is one of the FAQ's on the BCIS website.

I used this calculator before June 2011 and the answer I get now is different, even allowing for inflation. Why is this?

The free rebuilding cost calculator was updated in June 2011 and now includes some allowances for walls, paths and other parts of your property outside the building. At about the same time, all the BCIS residential rebuilding cost models were updated to allow for stricter building regulations aimed at reducing energy consumption.

rs65

Yes, it should be rebuilding cost that you insure for which is unlikely to resemble the house value in most occasions.