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Reinstatement cost of property
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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
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Yes, quite common. It doesn't really matter, it's only of relevance if your insurer wants a particular value.
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Many policies nowadays don't stipulate a value - they say 'anything up to £500K', or £1m or whatever.
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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
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