nikita Posted November 29, 2006 Share Posted November 29, 2006 Help please i am trying to get a quote online for buildings insurance and keep getting asked how much to rebuild house.Does anyone know how i could find out the house is valued at 100.000. Link to comment Share on other sites More sharing options...
stackmonkey Posted November 29, 2006 Share Posted November 29, 2006 I'd take the value of the property and add 50%, or more if values are increasing in your area. I'd rather pay a slight increase in premium than risk being under-insured. Link to comment Share on other sites More sharing options...
Loops Posted November 29, 2006 Share Posted November 29, 2006 Most Insurance companies now offer blanket policies for buildings insurance, some Insurance comanies will base your premium on the no of beds in house & build type as they will be able to work out a rough rebuild cost. Rebuilding cost of a property varies because it depends on if its a detached, semi terraced etc. I used to work in Insurance and as a general rule if you imagine if you are linked to another property eg: semi or terraced then your rebuild cost would be more than a general detached. Also, rebuild is different to your property value because in the value you have the cost of your house and your land and rebuild is purely to build the property back. Hope this makes sense and I recon if you are terraced, semi if you think of what your property is worth, prob worth adding extra money on to be on the safe side. Link to comment Share on other sites More sharing options...
cgksheff Posted November 29, 2006 Share Posted November 29, 2006 There is some guidance and a rough calculator HERE. Link to comment Share on other sites More sharing options...
Cyclone Posted November 29, 2006 Share Posted November 29, 2006 for reference my 3 bed terrace is insured for rebuild for about 150% of the actual house value (insurance company worked this out). Link to comment Share on other sites More sharing options...
alou Posted November 29, 2006 Share Posted November 29, 2006 it should say on the buildings survey you may have had done around the time you bought the property. or on the valuation report that your mortgage leader will have done. It it NOT the market value of the property, but the price it would physically cost to rebuild the property if it for example was gutted by fire. For example, I bought my house a few months ago - market value £125k. rebuild value on the bottom of the survey we had done £87k Guess some people will be paying way over the odds for their monthly premiums! Link to comment Share on other sites More sharing options...
nikita Posted November 29, 2006 Author Share Posted November 29, 2006 Thanks everyone for your help i put in £90.000 and it was accepted . Link to comment Share on other sites More sharing options...
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