Quizzes & Puzzles2 mins ago
Buildings insurance
What is the difference between a buildings 'rebuilding price' and market value. How can I find out the curent rebuilding price for insurance purposes. Is it more or less than the market value of purchasing the property?
Also any tips on valuing your contents for contents insurance
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.You may find it easier and not necessarily more expensive to get a policy that covers you for a flat �400-500K - far more than the average or even above average house would cost to rebuild. Likewise for contents go for a policy that's based on the number of bedrooms rather than an actual value - there will still be a maximum but it will be high.
Once you've got a value you can just add a % each year for inflation - far less than the market value inflation.
I did at one time have a leaflet that gave rebuilding costs per sq ft for different types of property in different areas of the country - your insurance company or lender may be able to supply an up to date version. Measure the outside of the property.