Home Insurance-rebuild cost

costabom

I have tried to take out Home Insurance and I used the RCIS/ABI website to calculate the rebuild cost (it was a specific question in the quote process).Sorry, can't post the link but I imagine most people on here know of it.

When I asked the brokers to confirm they would also accept the figure obtained, they became very vague, referred back to the Insurance company and said they couldn't give me the figure they would use. They said the company would use a loss adjuster at the time of any claim and “if you're happy with the figure you obtained, that's what we will quote for”. I actually doubt they had any idea of the site I used!


I appreciate they won't suggest a figure but I would think that the insurers would be duty bound to tell me if I'm potentially under-insured?


We did sort it eventually – the brokers used a site they have for calculating this figure, which came out less than the figure I used, but, funnily enough near to the lowest figure I got.


My question, surely the Companies are just looking for a way to avoid or reduce the claim?


Happy to stand corrected.


Thanks


c

rs65

costabom wrote: »

My question, surely the Companies are just looking for a way to avoid or reduce the claim?

No. It's simply just up to you to decide on how much insurance you need.

InsideInsurance

costabom wrote: »

I appreciate they won't suggest a figure but I would think that the insurers would be duty bound to tell me if I'm potentially under-insured?

No, almost all personal lines general insurance (home/ motor/ pet/ travel etc) is sold on a non-advised basis. It is up to you to give the correct/ accurate answers to their questions and not for them to advise you on it. There is a general warning given that any incorrect answers may lead to a claim being unpaid etc

A website can only give you a ball park rebuild cost and cannot factor in the exact details of your property. If you put the details of http://www.bbc.co.uk/news/blogs-magazine-monitor-29127057 into the site you mention the figure it generates is going to be totally wrong

It would be much worse for them to say that they are happy to go via a websites estimate than an "accurate" figure provided by you.

If you dont have a clue how much the rebuild cost is then you can buy a blanket policy that provides some silly number of cover but actually rates on location/ room count etc, use the website and add a wet finger loading/ discount based on any special conditions or pay for a surveyor to give you a professional opinion.