Jump to content

Recommended Posts

Thanks... I have a figure from the building survey, but this does not match the amount the property was insured for by the previous owner. I was going to just use the higher of the two, but am now thinking of getting a survey, if there's a possibility it might pay for itself...

Doubt it will - premium will not be effected that much on a rebuild cost difference of say ?50k because it is highly unlikely that the insurers would ever have to pay that much out. Important to get it right though, because if you are underinsured they will drop the payment of any potential claims by a percentage.


I would use the higher of the 2

Also, make sure you regularly review the figure. Rebuild cost of a house 5 years into a mortgage may be quite different from when you first took it out. I know a couple who were caught out by that, following a serious house fire.


Luckily the difference wasn't that much (in the context of the total rebuild cost) and they reached an accommodation with their insurer, but it was more than they could have paid/borrowed if the insurer had stuck to their strict rights.

I used to be an Insurance Underwriter, and from memory most insurance companies quote on 'blanket' sums insured to prevent underinsurance. They will insure any standard building up to say ?500,00, the pricing of the insurance will depend on your type of property.


However if you want an idea of your rebuild value you can try this website:


http://abi.bcis.co.uk/

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Latest Discussions

    • Apparently there was a motorcade on Lordship lane about 40 mins ago. Did anyone see it? Two blacked out 4X4, with police convoy. I'm intrigued...
    • Harrow.  I wish that I had done more before Covid, including putting my name forward as an executor and seeking power of attorney.  I performed the latter for my later mother, and with no executor named in her will I did probate and executed her will, all very straightforward as financial affairs all in order particularly due to the work of my sister who managed our mother's accounts. But from 2020 onward it was difficult to tell someone who was very frail she needed to change her will etc. There's a further tail about the 'friend' of my aunt who gets around 90% of the estate, and some manipulation of my aunt's finances by this friend.  Police wont get out of bed for a million or so for fraud cases so didn't go to them.
    • Is he local to South London? My father made his solicitor the executive. I, for many years had Lasting Power of Attorney to deal with all his finances including liaison with his bank and payment of his care home fees. I was also responsible for the sale of his home to release funds for care home fees. When he died, I notified the solicitor, obtained the death certificate and organized the funeral, cleared his care home of his possessions . Myself and my cousin were beneficiaries but my father had left a small sum of money to a man in the Midlands whose name was unknown to all of us including my step mother. It  took around 9 months for solicitor to establish that this gentleman had been deceased for a number of years . This obviously put additional charges onto the fees.
Home
Events
Sign In

Sign In



Or sign in with one of these services

Search
×
    Search In
×
×
  • Create New...