how much do I need to Insure building for

ginger_nuts

How do I calculate how much building insurance i need .

I live in a 3 bed semi built in 1975 .
The rebuilding cost probably bears no resemblance to the market Value .

elektra

http://calculator.bcis.co.uk/

calleyw

found the website earlier as need to get buildings insurance.

Just checked my current provider and they have my end of 3 bed end of terrace which I only paid £130K is insured for re-build costs of up to £275K :eek:

Me thinks that can come down by at least £150K if not more.

So it pays to check.


Yours


Calley

cafcfan

My insurance with the abbey is for unlimited amount- it's got to be cheaper elsewhere. They wouldn't even match a new customer quote off the internet for me when I queried it. But in same boat as original poster- finding out true rebuild costs

tom188

If you search these boards you will find several posts from people left bankrupt after a fire, because they were not insured for enough. I would suggest that you err on the side of caution when deciding how much to insure for.

ginger_nuts

I got building & contents insurance from Tesco yesterday for £118
,thanks to this site

thanks for all the replies

calleyw

tom188 wrote: »

If you search these boards you will find several posts from people left bankrupt after a fire, because they were not insured for enough. I would suggest that you err on the side of caution when deciding how much to insure for.

Yes it better to be over insured than under.

But the re-building costs of my house are in the region of a £100k so unless I am re-building the whole street why would need to be insured for £300K.

And contents for £55K. I know my contents is not worth that. Even including carpets and curtains. I suspect that about £35K is probably over kill. I don't have lots of gadgets.

Yours


Calley

mattymoo

Some insurers offer flat rate covers, typically £500k buildings and £50k contents. Many customers like this proposition because it saves them having to work out ERBC's (estimated rebuilding costs) and totting up the value of their contents.

Setting an ERBC is in fact incredibly difficult and the calculators will only give you a basic figure. When I do them (I'm an insurance surveyor) we have to make corrections for geographical region, site access problems, unusual materials and quality of the property.