how much do I need to insure property for

ginger_nuts

I bought a 1 bedroom flat 2 years ago for £40,000 .
It was built in the 1970s .
It is a ground floor flat (2 story building )
End flat with own entrance
They are now selling for £95,000 to £100,000 .
How much should i insure it for

tom188

The market value of your property is irrelevant. Beware trying to skimp on insurance and going for a low value. Over the years ive seen several people on these boards have become bankrupt as a result of doing so. Do not underestimate the costs of cleaning up after a fire.

ginger_nuts

tom188 wrote: »

The market value of your property is irrelevant. Beware trying to skimp on insurance and going for a low value. Over the years ive seen several people on these boards have become bankrupt as a result of doing so. Do not underestimate the costs of cleaning up after a fire.

thats why I am asking here .

tom188

what amount are you currently insured for?

Alias_Omega

Insure it to the effect that if it was a total loss, it could be repaired.

ginger_nuts

the renewal quote is for £60,000
I have been told by insurance agent that I do not need to insure for any damage to the flat above .

ie if my flat burns down and had to be demolished the flat above will also be demolished but there insurance would cover that .

Alias_Omega

what if the flat was empty? what if they did not have insurance.?

Woby_Tide

so in a block of flats you have seperate buildings insurance for each individual flat? What covers the communal areas, or does everyone insure the hallway to their own flat? I'm actually surprised that the leasehold/freehold doesn't have a combined insurance policy, and ofr reasons as the last post I'd be very worried, if your building burns down taking all the flats, it's unlikely you'll have anywhere to live on current arrangements

ginger_nuts

my flat being an end flat has no communal area .They all have seperate insurance and that isnt going to change ,so my question still stands
how much should I be insured for .

03022242

well i would say at least the value of your property+fixtures an fittings, which include things like carpet, kitchen cupboards, etc, dont think there should be a much of a difference insuring something which is worth 60k and 100k?

mattymoo

Look at the ABI website for a rebuilding cost calculator.

www.abi.org.uk from memory but could be wrong.