Home insurance does "rebuild" cover clearing the land?

topcat007

I am looking at the co-op insurance for home and it does not specifically say it does cover clearing the land.

Although i was wondering if all insurances would include this cost as default in the rebuild cost you are covered for?

rs65

Have a look at the definitions of Sum Insured on Buildings and Fees

topcat007

rs65 wrote: »

Have a look at the definitions of Sum Insured on Buildings and Fees

Thanks for your pointing in right direction.

I found the Insured Buildings part on page 7 here but it does not state the fees also do not seem to state on page 6:

http://www.co-operativeinsurance.co.uk/assets/pdfs/insurance/homeinsurance/policy-documents-nov2014.pdf

rs65

topcat007 wrote: »

I found the Insured Buildings part on page 7 here but it does not state the fees also do not seem to state on page 6:

Eh? .

topcat007

rs65 wrote: »

Eh? .

I had a look in the sections you said on the CO-OP building insurance policy pdf (attached above) and it does not mention if clearing the site is included

Apologies for any confusion caused

Thanks

TSx

Definition of sum insured:

Sum Insured on Buildings:
means the sum specified as such in the Policy Details. Where ‘index-linked’
is shown in the Policy Details after the Sum Insured, it will be deemed
to be adjusted monthly in accordance with any increase in the House
Rebuilding Cost Index prepared by the Royal Institution of Chartered
Surveyors.
Note: you should ensure that the Sum Insured specified in your Policy
Details is sufficient to represent the current cost, including Fees, of
rebuilding the Buildings in their entirety and to the same specification

Definition of Fees:

Fees:
means
(a) reasonable architects’, surveyors’, consultants’ and legal fees but
not fees incurred in preparing any claim
(b) the cost, incurred with our consent, of debris removal, dismantling,
demolition, shoring up or propping
(c) the additional cost of reinstating the damaged parts of the
Buildings incurred solely to comply with any statutory
requirement or local authority bye-law but not the cost of
compliance with any notice served on you before the
damage occurred.

So your sum insured / rebuild cost will need to include any site clearance.

rs65

the cost, incurred with our consent, of debris removal, dismantling,
demolition, shoring up or propping

kingstreet

Who has calculated the rebuild cost you are using for your sum insured?

BCIS calculator? Surveyor on mortgage report and valuation?

It is how this has been reached that is the issue, not your chosen or preferred insurer. It is upto you to insure the property for a high enough sum insured that all the costs are covered.

Many people now buy bedroom rated blanket cover to avoid the possibility of under-insurance. Premiums are based on the postcode, type and size of property, rather than the sum insured.

topcat007

TSx wrote: »

Definition of sum insured:

Sum Insured on Buildings:
means the sum specified as such in the Policy Details. Where ‘index-linked’
is shown in the Policy Details after the Sum Insured, it will be deemed
to be adjusted monthly in accordance with any increase in the House
Rebuilding Cost Index prepared by the Royal Institution of Chartered
Surveyors.
Note: you should ensure that the Sum Insured specified in your Policy
Details is sufficient to represent the current cost, including Fees, of
rebuilding the Buildings in their entirety and to the same specification

Definition of Fees:

Fees:
means
(a) reasonable architects’, surveyors’, consultants’ and legal fees but
not fees incurred in preparing any claim
(b) the cost, incurred with our consent, of debris removal, dismantling,
demolition, shoring up or propping
(c) the additional cost of reinstating the damaged parts of the
Buildings incurred solely to comply with any statutory
requirement or local authority bye-law but not the cost of
compliance with any notice served on you before the
damage occurred.

So your sum insured / rebuild cost will need to include any site clearance.

How do i estimate the clearance cost ?

I have a "rebuild value" from a surveyor but i am not sure it includes this

Thanks

topcat007

kingstreet wrote: »

Who has calculated the rebuild cost you are using for your sum insured?

BCIS calculator? Surveyor on mortgage report and valuation?

It is how this has been reached that is the issue, not your chosen or preferred insurer. It is upto you to insure the property for a high enough sum insured that all the costs are covered.

Many people now buy bedroom rated blanket cover to avoid the possibility of under-insurance. Premiums are based on the postcode, type and size of property, rather than the sum insured.

The surveyor has calculated the rebuild cost but i am no idea if this rebuild cost includes clearing the site ? :S

The policy would cover me for £500,000 which is more than double the rebuild cost.

Thanks

kingstreet

The surveyor's rebuild cost estimate would normally include all the costs including site clearance and professional fees. Looking at a Nationwide valuation report, it reads;-

"Estimated current re-instatement cost including site clearance and professional fees excluding VAT, except on fees? - £x"