Rebuild cost - estimation? Insurance

FrankE

Hi again,

I've been addicted to this site. You've all been so helpful.

Anyway, I'm looking at getting buildings insurance online. There is a question about rebuild cost where you are asked to estimate the cost of rebuilding the property.

I've tried to use the BCIS House Rebuilding Costs Calculator but I'm not sure how accurate I have to be. It's highly unlikely that it will have to be rebuilt I guess.

And does anyone have any advice on the buildings insurance process? Any mistakes you made or anything helpful you would want to give?

Thank you!

kingstreet

Buy bedroom-rated cover with a blanket sum insured that way you avoid any chance of being under-insured and the possibility of "averaging."

Premiums are based on the postcode/number of bedrooms and you get a set sum insured, such as £500k, £800k, £1m or even Unlimited.

ellie27

I got our rebuild cost from our lenders valuation report (on the mortgage offer)

G_M

FrankE wrote: »

Hi again,

I've been addicted to this site. You've all been so helpful.
You're addicted? Ha! You think you've got problems?

.....
I've tried to use the BCIS House Rebuilding Costs Calculator but I'm not sure how accurate I have to be.
Be as accurate as you reasonably can, then add a bit for contigency. Better to be over-insured than under-insured (and the difference in premium will be minimal)

It's highly unlikely that it will have to be rebuilt I guess. Then why bother to insure.......?

You'll also find that many of the insurers on the comparison sites (and direct online quotes) provide blanket cover (ie any amount up to £500K, or £1m, or unlimited).

If you bought originally with a mortgage, your lender will have provided a rebuild value which they expect you to use for insurance (or to exceed). If it was some years ago, add in the relevant amount for inflation.