Home Insurance Question Help

akira181

I've just found out my home insurance is due to expire at the end of this month and I'm looking at new policies. My mortgage adviser helped me set up the home insurance last time so this is my first time looking into it myself. There's a couple of questions on the comparison websites that I'm struggling to answer and I'm hoping someone with more knowledge on the subject can help.

First, is Building Material. It's a Glasgow tenement flat built in the 1900s with sandstone block work. Would that come under Brick, Stone, or Other?

Second is the roof construction. It asks if the roof is slate, tile, concrete or other. It's concrete tile. So tile even though the picture shows terracotta tiles?

Third is heave, landslip or subsidence. The Home Report says "The building as a whole exhibits signs of past structural movement. Past structural repair has been undertaken. Within the limits of a single site inspection the movement noted would appear to be longstanding and non-progressive.." What repairs have been undertaken, it doesn't say. So I'm assuming the answer to that subsidence is yes? Does that mean underpinning or past structural support is also yes?

Last is the rebuild cost question. There's 8 flats in my building, all of similar size, and the Mortgage Valuation Report section of the Home Report says the building insurance cost is estimated at £270k. Assuming all flats have the same rebuild cost, isn't over £2.1 million unrealistically high for a 8 flat 4 storey building (ground to 3rd)?

Thanks in advance!

davidwatts

1 - Stone
2 - Tile
3 - On the evidence of what you've said I'd be inclined to answer the subsidence etc. questions no but you'd have to consider the precise wording of what you're being asked. If there was just a specific question about subsidence, heave or landslip I'd be likely to answer that no. Nothing in that report indicates subsidence, heave or landslip or underpinning or structural support. If you do need to answer this question yes then I doubt you'll get any quotes back via a price comparison site.
4 - I assume you're responsible for insuring your own part of the buildings then, rather than them being insured altogether under a single policy? That's never ideal and may also restrict your chances of getting many prices back via a comparison site. I wouldn't be inclined to second guess the rebuild cost quoted in the report though.

See how you get on but you might be better going via a broker given the circumstances.

akira181

thanks, I got a few quotes back from comparison sites in the £400 region but I'll need to do it again to make sure everything's right. I'll check with a broker too, see if they can do any better.

I'll double check with our factor to see if there's a group building insurance policy but since our factor fees are quite cheap, I don't think it's likely.

akira181

davidwatts wrote: »

1 - Stone
2 - Tile
3 - On the evidence of what you've said I'd be inclined to answer the subsidence etc. questions no but you'd have to consider the precise wording of what you're being asked. If there was just a specific question about subsidence, heave or landslip I'd be likely to answer that no. Nothing in that report indicates subsidence, heave or landslip or underpinning or structural support. If you do need to answer this question yes then I doubt you'll get any quotes back via a price comparison site.
4 - I assume you're responsible for insuring your own part of the buildings then, rather than them being insured altogether under a single policy? That's never ideal and may also restrict your chances of getting many prices back via a comparison site. I wouldn't be inclined to second guess the rebuild cost quoted in the report though.

See how you get on but you might be better going via a broker given the circumstances.

Changing build material to stone and upping rebuild cost to the home report of value of 270k (which I still think is excessive but who am I to argue) increased the quotes but answering no to subsidence reduced it (double checked the home report and it calls out structural movement but doesn't specify it as subsidence or other land related issues as you said.)

Got quotes in the 250 range now, which is much better. Thanks for the tips.