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[Closed] Buildings insurance- boring question

 DrJ
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[#12226850]

How much should you insure your house for? Presumably the cost to rebuild it in case it burns to the ground. But how do you estimate that?


 
Posted : 06/02/2022 12:01 pm
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On the survey when you bought the house there's usually a rebuild /insurance value which can put through online calculators to reach today's value. Lots of insurers now have a flat buildings insurance value of upto £1M so you don't need to worry unless yours is worth more by which time you're probably using a broker rather than price comparison sites which will also estimate your rebuild cost based on size and location.


 
Posted : 06/02/2022 12:21 pm
 DrJ
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Aah. Ok. Ta.


 
Posted : 06/02/2022 12:29 pm
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Caveat: if it's listed you'll need to be careful here as the rebuild cost can be astronomical.


 
Posted : 06/02/2022 12:42 pm
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If you need a guidance figure, you can get something here from RICS. But it's not a replacement for a surveyor's figure.
https://calculator.bcis.co.uk/


 
Posted : 06/02/2022 1:01 pm
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A lot of insurers now just insure the building for a set amount, say £500k or £1m

They then apply premium rating behind the scenes based on postcode and no of bedrooms to calculate the price.

I've not seen an insurer as for a rebuild cost in a long time unless the house is of non-standard construction.


 
Posted : 06/02/2022 1:48 pm
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As @dannybgoode suggests and may also take into account no of bathrooms and or outbuildings if applicable. As usual it varies from insurer to insurer, but generally speaking most of the calculations are done in the background.


 
Posted : 06/02/2022 2:01 pm
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Also many policies include alternative accommodation if you need a rebuild- check if that needs to be added on on top


 
Posted : 06/02/2022 2:47 pm