Rebuild cost of property almost 3 times the value?

HeehawD

Hi, I'm looking for some advice regarding the rebuild cost of my property for insurance purposes. I tried using the ABI/BCIS Residential Rebuilding Cost Calculator but the estimate was £436,000 which is almost 3 times the current value £153,000. Last year the Confused comparison form provided a value of £227,000 calculated by RICS, however, the Confused comparison form doesn't appear to have that function this year.

Has the cost of materials gone up so much this year that my rebuild cost has doubled or is something else going on?

There are a few things that aren't quite accurate that I feel may be making a difference to the rebuild cost. 

1. The ABI calculator only lists brick or stone as wall types, but my walls are concrete, so I chose stone, I'm not sure how much of a difference this makes or whether brick would be more appropriate?

2. My property is 1 1/2 stories, but that's not an option, so I chose 2 storeys. 

3. My roof tiles are made from concrete, but concrete isn't an option so I chose tile. 

Is there an alternative to the ABI calculator that I can use for a 2nd opinion or a way to get a more accurate calculation? 

Any advice would be greatly appreciated. Thx. 

johnhenstock

BCIS Public Rebuild Calculator

the actual amount is irrelevant, though, for most properties, as you normally get default cover for up to £1 million.

FreeBear

Yes, materials and labour costs have increased considerably in the last couple of years. Almost double in some areas. As above, the default cover is usually £1 million which will comfortably cover the cost for most homes. What catches people out is when the property isn't a total write-off. Sometimes, the repair costs exceed the rebuild cost, especially when you are dealing with a listed building, and have to contend with a demanding Conservation Officer.

HeehawD

Thanks for clearing that up, you've been most helpful!