How much is your property worth?
When applying for your building insurance, the provider will need to know how much it’ll cost to rebuild your home (think worst case scenario!). The rebuild value is different to the market value of your home. The rebuild value can be calculated in one of two ways.
Rebuild cost insurance: unless you’re clued up when it comes to construction and construction materials, this is where you’d get a surveyor in to calculate the costs of rebuilding your abode. This is the way we calculate it on our site – you can use our BCIS calculator to get a good idea of the value.
Bedroom-rated insurance: this is more of an estimate based on the number of bedrooms your property has. About 50% of these policies can insure you up to £250,000 or more – which may well be adequate for your property. However, if you require a higher sum insured you may need to speak directly with your insurer.
Which option you go for is up to you. The second one is usually more convenient, but the first one will be more accurate – and may cost less.
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