Building Insurance!

[diane]

Hi, when you’re filling out insurance forms it requires ‘building cost’ but is it not the value you paid for the house? I have no idea how much it would cost to rebuild!!

Diane

[EvolutionBlogger]

When you bought the property, you will have had a valuation done. That valuation will state what the rebuild cost is

[Stuart Phillips]

If you dont have the valuation, the rebuild cost is often on the last part of the mortgage offer too, as you are obligated to insure it for at least that much.

To be honest though, most insurance policies come with such a high rebuild cost as default, its unlikely to be an issue. The most important thing is not to be underinsured, so if you have to guess, guess high.

[diane]

Thank you Stuart

29 minutes ago, vineet gupta said:

When you bought the property, you will have had a valuation done. That valuation will state what the rebuild cost is

Thank you Vineet

[Julia Urquhart]

Rebuild value should be on your survey but not necessarily on your Mortgage Valuation. However there are online calculators (RICs do one)- the rebuild cost has nothing to do with your purchase price so don't use that!