Rebuild cost for home insuranc

SkyandSun

Thanks. I have tried Aviv and Direct Line, but not Coop. I have taken out a policy today with a smaller provider and think I've done as best I can, so trying to move on from all this drama I've had over this recently. THanks all for your replies.

Chickenlips

Irrespective of the claim value being withing the sum insured, average will be applied.

£300,000 was a random figure that is more than you'll probably need.

I'd suggest you commission a survey.

Contents are an entirely separate matter. They would not be considered under buildings and vice versa, so it doesn't really matter. If you are trying to save money, not insuring your contents would be a poor decision. Could you really afford to replace all of your contents (or even the essential ones such as clothes for a few days, food, toiletries, passports ect) in one hit? Whilst juggling the stress of a move and a claim? Insurers arent charities..... if you don't cover it neither do they.

You are a higher risk. Your premiums will reflect this.

Was the survey an actual rebuild value or mortgage valuation? Building costs and labor rarely go up in line with inflation. Do yourself a solid and hire a surveyor. And get a broker.

I know you've taken a policy and are trying to move on but please make sure you've done your research on the policy and set your sums insured well. Youd be thankful.if you needed to claim.

SkyandSun

Chickenlips wrote: »

Irrespective of the claim value being withing the sum insured, average will be applied.

£300,000 was a random figure that is more than you'll probably need.

I'd suggest you commission a survey.

Contents are an entirely separate matter. They would not be considered under buildings and vice versa, so it doesn't really matter. If you are trying to save money, not insuring your contents would be a poor decision. Could you really afford to replace all of your contents (or even the essential ones such as clothes for a few days, food, toiletries, passports ect) in one hit? Whilst juggling the stress of a move and a claim? Insurers arent charities..... if you don't cover it neither do they.

You are a higher risk. Your premiums will reflect this.

Was the survey an actual rebuild value or mortgage valuation? Building costs and labor rarely go up in line with inflation. Do yourself a solid and hire a surveyor. And get a broker.

I know you've taken a policy and are trying to move on but please make sure you've done your research on the policy and set your sums insured well. Youd be thankful.if you needed to claim.

Thanks for the reply. The survey was an official rebuild value from a chartered surveyor on a home buyer's report. I scaled it up using these figures: https://www.rics.org/uk/products/data-products/insurance/bcis-house-rebuilding-cost-index/ then added on 15% just to be sure (bringing me to £230k rebuild value, for my 2-bed bungalow). The website I just linked tracks by how much rebuild values rise each year, on average (and does recommend a new survey at least every five years). Commissioning a new survey seems like overkill and is quite expensive; as I say, the BCIS calculator that most insurance companies recommend using brings out figures that are a lot lower (£160k is the most I've managed to get from that calculator). Scaling up a rebuild figure and adding 15% seems like a reasonable approach to take, given paying for a new survey is expensive.

I don't know why the rebuild figure from the survey was a lot higher than the figures I'm getting from the BCIS calculator - either the calculator isn't accurate, or the surveyor wasn't accurate. Either way, I have gone with the higher figure. One company, Admiral, wouldn't accept my higher figure and told me I HAD to use the BCIS calculator figure (in their case, the figure they came up with was £115k - this was an average, with highest figure possible of £160k, I think), or have a new survey done.

I used a broker who came back with limited, and expensive, quotes. Through my own intensive work over the last week I found an insurance company who seemed to meet my needs for a lower price, and that is who I went for.

From what I can see, I have been far more thorough than most people in this regard - are others commisioning new surveys (£500 + VAT was the figure I was just quoted for one - a lot of money)? Is that normal behaviour? I suspect most are using the free BCIS calculator or equivalent, which, as we have seen here, may well be very inaccurate.

MallyGirl

I have a policy with John Lewis which is unlimited buildings and unlimited contents. There are obviously limits on individual items and personal possessions that get taken outside the house. It seemed the simplest (not cheapest) way to ensure that we were fully covered - house is Victorian with cellars so no idea how much it would cost to rebuild.