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

    • I think you need to get a grip
    • Greg did an amazing job! He built a cabinet in my living room and added shelving. A lovely guy and perfectionist who goes the extra mile. He really understands what you want and comes up with various options to meet your price range. Would highly recommend!
    • I love the fact that virtually everyone held their hands out when furlough payments were made yet can't equate massive debt with massive cash payments to keep the economy ticking over.   
    • The problem with delivery people nowadays is that they are on such a restrictive schedule that they literally have to just try to deliver and run, otherwise they are penalised. I understand the frustration though.   And good luck making any kind of complaint to Evri. I once sold a laptop on ebay, took it to the Evri pick-up, where it was processed and it then went 'missing' between their pick-up place and the hub. Went through a long, long process where they offered me a desultory amount in compensation and I had to take them to small claims court before they came up with a fair offer the day before we were due to be in court. Long story short, Evri are shite.   Go to look at this forum for the number of people who have issues: https://nationalconsumerservice.co.uk/forum/183-postal-and-delivery-services/
Home
Events
Sign In

Sign In



Or sign in with one of these services

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