House Rebuild Cost??
Discussion
Hi, upon requesting some buildings insurance quotes recently, I've been asked by most of the companies for a rebuild cost. Now, I'm not a builder so would not even be able to guess how much this would be! Is there a rough standard to work to or will I need to get a quote from a builder? The said house is a semi-detached 3 bed over 2 levels built in 1938, brick construction with a tiled roof if this helps anyone have a rough guess!!
t!!...you should be a builder!This might help: http://www.alliedwestminster.com/calculators/build...
Builder friend reckons on £60-70 per square foot including fittings.
Builder friend reckons on £60-70 per square foot including fittings.
Edited by mrsxllifts on Saturday 16th May 20:31
I'm not sure how it will affect the quote to be honest. Most companies have been asking me for a rebuild price. I never thought it would be over £100k! I know my house is worth more, but didn't realise they cost that much to build in comparison with market value. Thanks for the replies.
http://calculator.bcis.co.uk/ is a good site that is very professional and has lots of background info to make sure you measure properly. Collating this sort of data is their day to day job and most surveyors use their info as the basis for valuations.
Also clearly the value of your house will have not effect the re-build cost. What will is size, type, construction materials and to a lesser extent your location in the country.
The above calculator will allow for professional fees site clearance and so on...
Also clearly the value of your house will have not effect the re-build cost. What will is size, type, construction materials and to a lesser extent your location in the country.
The above calculator will allow for professional fees site clearance and so on...
£1000/m would be closer.Seems an odd question to ask for domestic insurance.
Price could vary from £900 to £1500 a sq m. Before you put your knob on the block though ask the insurance company why they are asking you - a non-Professional - to provide this value? By providing the price, are you assuming all the liabilities attached to the value too?
To me, it sounds like they're trying to work in a get-out clause for not stumping up should the worse happen.
I'd be inclined to refuse giving them a value but provide them with the sq m and sq ft of the property along with a description of the type of construction, age of the building and whether it's Listed and/or in a Conservation Area or such like. If they insist then I'd write to them with the disclaimer that you're not a Professional nor have you sort Professional advice so you bear no responsibility for the accuracy of the valuation and that if they accept it they do so at their own liability.
Price could vary from £900 to £1500 a sq m. Before you put your knob on the block though ask the insurance company why they are asking you - a non-Professional - to provide this value? By providing the price, are you assuming all the liabilities attached to the value too?
To me, it sounds like they're trying to work in a get-out clause for not stumping up should the worse happen.
I'd be inclined to refuse giving them a value but provide them with the sq m and sq ft of the property along with a description of the type of construction, age of the building and whether it's Listed and/or in a Conservation Area or such like. If they insist then I'd write to them with the disclaimer that you're not a Professional nor have you sort Professional advice so you bear no responsibility for the accuracy of the valuation and that if they accept it they do so at their own liability.
Edited by mk1fan on Monday 18th May 10:08
The ABI have a calculator here:
http://abi.bcis.co.uk
I would have thought a very rough idea would be fine, but they seem to be suggesting that a bit of precision is required.
http://abi.bcis.co.uk
I would have thought a very rough idea would be fine, but they seem to be suggesting that a bit of precision is required.
Edited by Deva Link on Monday 18th May 10:54
It's not so much giving them a figure, it's who's taking laibility for it. If it were a commercial property and it was under insured by 20%then you would only receive 80% of the insured sum. But at least there's the PI cover of the Professionals involved if there's been negligence.
Not that I'm complaining, if insurance companies need the same valuations for domestic as for commercial then it's a new revenue stream for my Practice.
Not that I'm complaining, if insurance companies need the same valuations for domestic as for commercial then it's a new revenue stream for my Practice.
jim_1976 said:
Hi, upon requesting some buildings insurance quotes recently, I've been asked by most of the companies for a rebuild cost. Now, I'm not a builder so would not even be able to guess how much this would be! Is there a rough standard to work to or will I need to get a quote from a builder? The said house is a semi-detached 3 bed over 2 levels built in 1938, brick construction with a tiled roof if this helps anyone have a rough guess!!
When was ti last valued for mortgage purposes? If its recent the build cost may be on the valuation, so it might be worth asking your lender. Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff