buildings insurance - rebuilding costs

[mandimoo]

how on earth, when i am not in the building trade, do i calculate what the rebuilding cost of my home is, in the event of total loss?

[Catso]

You'll have to ask an architect or builder for the figure. It's handy if you know one, then they probably won't charge you. If not, you'll probably have to pay, but it shouldn't be much. Basically, they just look at the house and come up with a figure. It doesn't have to be accurate to the �, just a figure that would cover the rebuilding, so it's usually rounded up quite a bit.

Or, if there are similar houses nearby, you could ask them what figure they have.

Or if building plots have been sold nearby recently, deduct that cost from the value of your house.

[buildersmate]

A very average building cost is �1000 per square metre (psm) of finished dwelling. So unless you've got an incredibly high-spec'd house, use that. By 'psm' I mean the length and breadth of the external walls, then double it if the house is two-storeys. No point going to an architect - they'll only charge you for the same info. I'll send my invoice in later.

[buildersmate]

PS - If you live in the south or an expensive city, don't be surprised if the figure is less than you think the house is worth. Catso alludes to the reason why above. House prices have little to do with the cost of building them and everything to do with the law of supply and demand.

[Sparkles3]

A number of the websites that you can use to get a quote will put in a figure for you based on the value of your house, number of bedrooms etc. Using buildersmate's suggestions, you might be able to calculate roughly what you might expect it to be for a sanity check!

[kags]

Did you get a survey done when you bought the house? The rebuild figure will usually be included in the survey.

[Yorky Lass]

Try this calculator http://abi.bcis.co.uk/