Home Insurance acceptable to Natwest

united4ever

Hoping to exchange in the next week or so. The mortgage offer states:


'The property must have a comprehensive insurance policy (including fire and all other risks (subsidence, heave and landslip), with an insurer acceptable to us, for a sum equal to the full reinstatement cost'


Think the best offer from a quick check was Halifax (going through quidco) but there was a small excess on subsidence (about £200). Would this be ok? How do I know what is an acceptable insurer to the NatWest before I buy the insurance? Do I need to call them before I book it to make sure it's acceptable to them.....although common sense tells me a big insurer like Halifax would be fine.


I am guessing the rebuilding cost for insurance purposes - 3 bed semi, 1963 build, 80 square metres, agreed price 250k. Would 150k be about right for the insurance cost?


Thanks

Tigsteroonie

Does your mortgage valuation not provide a rebuilding cost that you can use as a guide? (Mine does ...)

united4ever

So it does thank you!


'Main and significant outbuildings reinstatement cost £120k'


So I can insure for cover up to 120k?


Thanks

G_M

I would insure for £150K The difference in premium will be negligable, but it's far better to be over insured than under.

Or get one of the many policies that don't stipulate a rebuild value beyond "anything up to £500K".

As for 'acceptable to Natwest' - there is only one way to find out....!!!!

united4ever

G_M wrote: »

I would insure for £150K The difference in premium will be negligable, but it's far better to be over insured than under.

Or get one of the many policies that don't stipulate a rebuild value beyond "anything up to £500K".

As for 'acceptable to Natwest' - there is only one way to find out....!!!!

So, get the quote, call them up to ask them....and then assuming they say yes, purchase.