Buildings insurance: rebuild costs explained
What is the rebuild cost?
If your home was to be destroyed by fire or weather conditions the rebuild cost would be the estimated sum of rebuilding your property. It is important to remember that your rebuild cost is not the market value of your property and does not include the value of the land that your home sits on.
How can I find out my rebuild cost?
The rebuild cost of your property can usually be found on your mortgage agreement or your homes deeds and should be linked with inflation. As well as the cost to rebuild your property, the labour costs and surveyor fees should also be accountable in the rebuild estimation.
In the majority of circumstances a rebuilding cost assessment can be carried out where they will take measurements of your property and estimate a cost using the guidelines provided by the building cost information service, in circumstances where this can not take place, it is typically because an assessment would need to be specially agreed.
You can work out your own rebuild cost by using the buildings cost information calculator available on their website.
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