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Home Insurance and Rebuild Value (Mortgage)
tharsos
Posts: 36 Forumite
I am a FTB and my mortgage requires home insurance and my bank told me that it should cover the rebuild value of the home.
There is supposed to be a valuation/survey done within a week and then I am hoping I will know what the rebuild value is.
Am I right to assume that I cannot do anything with regards to home insurance when I don't know the rebuild value of the property? Should I just wait for the valuation/survey results or is there something I can do at this stage?
There is supposed to be a valuation/survey done within a week and then I am hoping I will know what the rebuild value is.
Am I right to assume that I cannot do anything with regards to home insurance when I don't know the rebuild value of the property? Should I just wait for the valuation/survey results or is there something I can do at this stage?
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Comments
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Yes I would say wait for the valuation report. My valuation report had the insurance value on it, hopefully yours will too
Changing the world, one sarcastic comment at a time.0 -
Bedroom-rated cover sees the premium based on the number of bedrooms in the property and the postcode, rather than a sum insured taken from the rebuild cost.
You are covered for an unlimited or "blanket" amount, based on the number of bedrooms and this avoids the possibility of under-insurance.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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