We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Reinstatement cost of property
Options
Nile_E_Coyote
Posts: 111 Forumite
Recently had our mortgage valuation and the property was valued at exactly what we are paying... but the reinstatement cost was roughly 5k higher.
I have usually seen people complaining their reinstatement cost being alot lower than price but I haven't seen much about it being higher.
Is this common?
I have usually seen people complaining their reinstatement cost being alot lower than price but I haven't seen much about it being higher.
Is this common?
0
Comments
-
Yes, quite common. It doesn't really matter, it's only of relevance if your insurer wants a particular value.
1 -
Many policies nowadays don't stipulate a value - they say 'anything up to £500K', or £1m or whatever.
0 -
I opted for an insurer who did building upto £1m as the lender valuation report had one price and the sellers home report had another.
Did the same with contents, I've got upto £50k cover, could have done upto £100k cover but didn't see myself ever having that many possessions or expensive ones to justify it.Mortgage started 2020, aiming to clear 31/12/2029.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.6K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards