If your home is damage or destroyed your building insurance will cover the cost of
- Repairing the building’s structure, including plasterwork and flooring
- Replacing fitted kitchens and bathroom suites
- Drying out or decontaminating if required
- Alternative accommodation if your home is uninhabitable while repairs are being carried out
- Rebuilding the entire property if it is completely destroyed
It’s important that you get your buildings sum insured right, as this is the maximum your insurer will pay out if you claim. Your building should be insured for the re-building cost (not what you paid for the property or the current market value). Our home rebuild calculator can help you calculate your buildings sum insured, and your insurer should be able to help if you have any further questions.
If, however, your home is not standard construction or is a listed property, then you may need to ask a surveyor to work out the rebuilding cost. The Royal Institute of Chartered Surveyors can help you find a suitable surveyor to assess your property.
Resources
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FAQs
How do I calculate the replacement value of my building?
It’s important that you get your building’s sum insured right, as this is the maximum your insurer will pay out if you claim. Your building should be insured for the re-building cost, not what you paid for the property or the current market value. Our home rebuild calculator can help you calculate your buildings sum insured, and your insurer should be able to help if you have any further questions.
What is the rebuild cost of my house?
When it comes to your home, you probably find it difficult to put a value on it.
The two most common methods of establishing your rebuild cost are to use a rebuild calculator or hire a surveyor.
Use a rebuild calculator:
- You’ll need to work out the ‘rebuild cost’ of your home and it might be worth using this rebuild calculator from the Building Cost Information Service (BCIS)
- Then you will be able to work out by typing in the external floor area for the upstairs and downstairs of your home – just measure the length and the width of your property from the outside of your home.
Though simple and free to use, the drawback here is that you only get a rough idea of your properties rebuild cost.
Hire a surveyor:
The most effective way to obtain an accurate rebuild cost is to instruct a chartered surveyor to carry out detailed measurements of your property and prepare a professional Rebuilding Cost Assessment.
I live in a rental property. Can I still get building insurance even if I don’t own the property?
Yes, most home insurance policies provide cover for your household goods whilst in transit. You may want to consider more comprehensive insurance under a Goods in Transit policy should you want further cover for your furniture during your move.
Will my household goods be insured for damages while I am moving from one address to another?
Yes, most home insurance policies provide cover for your household goods whilst in transit. You may want to consider more comprehensive insurance under a Goods in Transit policy should you want further cover for your furniture during your move.
If I don’t let my insurer know about changes could this affect my cover?
Yes, if you don’t let your insurer know about changes this could affect your cover. For example, if you have told your insurer that your roof is in good repair, they will base your premium on the known risk of storm damage happening to the average roof.
But if, in fact, your guttering is already falling off, or your tiles are coming loose, then there’s a greater than average risk of damage happening during a storm – something your insurer hasn’t covered against on your original premium.
As the full risks weren’t disclosed, you’re effectively insuring higher risks at a cheaper price, which could invalidate your policy and leave you without a pay out in the event of a claim.
Should I increase my excess to make my policy cheaper?
The golden rule of voluntary excess is to make sure you know what you can afford to pay it if you have to make a claim.
The more you agree to pay towards a claim, the less cost there would be for your insurer, so they may reduce your premium accordingly.
But be aware that setting an unreasonably high voluntary excess may save you a few pounds on your premium in the short term, but if ever you need to make a claim, you could find yourself with a large bill to settle before your insurer will pay out.
