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A Question About Household Insurance.

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Could you find out what close by neighbours with similar properties have put on theirs ?

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2 minutes ago, *Wallace* said:

Could you find out what close by neighbours with similar properties have put on theirs ?

That’s a good idea but I have to choose a house with the same things eg; number of bedrooms, garage, how much land. 

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47 minutes ago, pattricia said:

My household insurance is due and I have to put a price on my policy what it would cost to rebuild my house. How do I know what my house would cost to do this ?. It’s a four bedroomed detached house with garage. Any ideas ?

How did you find out for previous policies?

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1 hour ago, pattricia said:

My household insurance is due and I have to put a price on my policy what it would cost to rebuild my house. How do I know what my house would cost to do this ?. It’s a four bedroomed detached house with garage. Any ideas ?

Morning Pattricia.

 

Compare it to similar property's for sale in the area to get an idea of value.

Check on internet estate agents in your area.

Quick check on't internet for you and it's saying £1,800 per square Mtr.

Average cost for a 4 bed house approx. £500,000.

Talk (if possible)  to your insurer they may included other things not calculated in the above.

 

Hopefully you or anyone else on here is not in the position as to have to claim for total rebuild of their property.

 

Keep safe 

(& don't forget to turn gas off :rolleyes:)

 

I'm sure mine says something like a million pounds (not that the house is worth that)

And when you think about it there is more to it than having a New house built.

If the  property is so badly damaged. The site will need clearing which will probably include repairing/ renewing services to it (water gas electric etc etc) .

I don't think how much land you have to the property comes into it (could be wrong, but it doesn't sound like me:hihi:)

It's the house it's self.

 

Keep safe.

 

Edited by Rockers rule
additional info

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34 minutes ago, nikki-red said:

How did you find out for previous policies?

I always chose “unlimited” for rebuilding but the policy has gone up so much every year that people are now advised to question their insurance company on renewal. They are charging regular customers more than new ones, which is not acceptable. I shall get quotes from other companies first . They always back down and give me a much lower quote but it’s the principal of the thing that I don’t like.

36 minutes ago, Rockers rule said:

Morning Pattricia.

 

Compare it to similar property's for sale in the area to get an idea of value.

Check on internet estate agents in your area.

Quick check on't internet for you and it's saying £1,800 per square Mtr.

Average cost for a 4 bed house approx. £500,000.

Talk (if possible)  to your insurer they may included other things not calculated in the above.

 

Hopefully you or anyone else on here is not in the position as to have to claim for total rebuild of their property.

 

Keep safe 

(& don't forget to turn gas off :rolleyes:)

 

I'm sure mine says something like a million pounds (not that the house is worth that)

And when you think about it there is more to it than having a New house built.

If the  property is so badly damaged. The site will need clearing which will probably include repairing/ renewing services to it (water gas electric etc etc) .

I don't think how much land you have to the property comes into it (could be wrong, but it doesn't sound like me:hihi:)

It's the house it's self.

 

Keep safe.

 

Very good advice here.! Also I have other things included in the policy such as : Accidental damage, theft from the house or outbuildings. I have never claimed for any of these things so, do I really need them ?

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4 minutes ago, pattricia said:

I always chose “unlimited” for rebuilding but the policy has gone up so much every year that people are now advised to question their insurance company on renewal. They are charging regular customers more than new ones, which is not acceptable. I shall get quotes from other companies first . They always back down and give me a much lower quote but it’s the principal of the thing that I don’t like.

Very good advice here.! Also I have other things included in the policy such as : Accidental damage, theft from the house or outbuildings. I have never claimed for any of these things so, do I really need them ?

It's also the 3rd party cover.

God forbid the house blew up and took out 2  other houses that needed rebuilding.

It's a mine field out there.

 

The theft from out building depends what you store in them but usually its how much damage the Bar-stewards have done getting in that's the problem.

New for old is probably worth keeping for things like TV's etc.

 

Keep safe.

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The 'unlimited 'option would to me be the best option in that it removes the scope for the insurers to pay out only a proportion of any claim should the property be under insured.  NB Market value is irrelevant for rebuilding purposes as in many cases this could be wildly out, too high or low. Ignoring for a moment differences in local rebuilding costs,  a terrace in say Chelsea wouldn't cost radically more than one in Darnall to rebuild, although market value would obviously be a lot higher. In cases where a precise figure is required for reinstatement purposes the only true way is to measure the gross external area and multiply this by the rebuilding cost per sq m as set out in the BCIS tables.

Edited by silverglade5
typo

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17 minutes ago, Rockers rule said:

It's also the 3rd party cover.

God forbid the house blew up and took out 2  other houses that needed rebuilding.

It's a mine field out there.

 

The theft from out building depends what you store in them but usually its how much damage the Bar-stewards have done getting in that's the problem.

New for old is probably worth keeping for things like TV's etc.

 

Keep safe.

Very good advice here.! I have nothing of any value in outdoor sheds or my garage. New for old as you say may be worth keeping, but the price of TVs etc has come down so much that I have never used this part of an insurance policy

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find out what your house is likely to be worth on zoopla, you can adjust this yourself to suit if you have made alterations, then add a further 50% which is a good guide to rebuild etc for insurers.

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13 minutes ago, ab6262 said:

find out what your house is likely to be worth on zoopla, you can adjust this yourself to suit if you have made alterations, then add a further 50% which is a good guide to rebuild etc for insurers.

I have written down what you have said, as this is excellent advice.

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3 hours ago, ab6262 said:

find out what your house is likely to be worth on zoopla, you can adjust this yourself to suit if you have made alterations, then add a further 50% which is a good guide to rebuild etc for insurers.

This approach is just wrong, rebuilding cost is not related in any way to market value for the reasons  I explained earlier on, and using this as a basis could put you in some bother.  It could be much  higher or lower than market value so you could be wasting premium money on over insuring or taking some risk if under insuring.

 

https://www.moneysupermarket.com/home-insurance/calculating-rebuild-costs/?source=GOO-0X0000032833082A47&gclid=Cj0KCQjwv5uKBhD6ARIsAGv9a-yKNNy3gjYcH-4p0ylLoVSV_NZKMdSHyqDOKhDVcmaia9M6cmfWRyMaAg9PEALw_wcB&gclsrc=aw.ds

Edited by silverglade5
link aded

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13 minutes ago, silverglade5 said:

This approach is just wrong, rebuilding cost is not related in any way to market value for the reasons  I explained earlier on, and using this as a basis could put you in some bother.  It could be much  higher or lower than market value so you could be wasting premium money on over insuring or taking some risk if under insuring.

 

https://www.moneysupermarket.com/home-insurance/calculating-rebuild-costs/?source=GOO-0X0000032833082A47&gclid=Cj0KCQjwv5uKBhD6ARIsAGv9a-yKNNy3gjYcH-4p0ylLoVSV_NZKMdSHyqDOKhDVcmaia9M6cmfWRyMaAg9PEALw_wcB&gclsrc=aw.ds

Thank you for your sensible advice.

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