In need of a little help re: rebuild costs

Legacy_user

Hi Everyone.

After staying with the same insurer for about 5 years I decided to test the water re: other insurers. I was a bit peed off to discover that what I thought was competitive was anything but! My premium could be halved.

I answered most of the questions without an issue. However rebuild costs I have no idea. I put in £40,000 but im sure this is not quite correct. Can anyone give me a guide price on rebuild costs for an average 3 bedroom terraced house ?

Cheers

13000

Steve1981

13000 wrote: »

Hi Everyone.

After staying with the same insurer for about 5 years I decided to test the water re: other insurers. I was a bit peed off to discover that what I thought was competitive was anything but! My premium could be halved.

I answered most of the questions without an issue. However rebuild costs I have no idea. I put in £40,000 but im sure this is not quite correct. Can anyone give me a guide price on rebuild costs for an average 3 bedroom terraced house ?

Cheers

13000

for the size of your property i would have thought 40K would be ample for your CONTENTS.

I have a 3 bed semi and estimate that £100,000 would be more than suitable.

is the property is of standard construction?

you dont need to worry about land values - just site clearance and rebuild.

if your not convinced if you work out the rough square-footage of your property and go on the RICS site then you can get an idea there.

a lot of companies offer blanket sum insurance eg up to £500,000 - it sounds impressive but for most people it is unrealistic.

market value will always be higher than rebuild cost otherwise there would be no profit in making houses - and you never see a skint builder;)

System

Thanks for that Steve. I think i need to bump up the contents a little perhaps, as well as the actual rebuild value. Off to investigate, play with figures some more.

Cheers

13000