IT’S MORE THAN BRICKS AND MORTAR
HOMEOWNERS need to know the rebuild value when buying home insurance. Overestimating equals overpaying. But underestimating risks only a partial pay-out even if the property is not totally destroyed.
MANY online sites can help with the rebuild calculation. The most accurate will ask you to measure your home – not all three-bedroom houses, for instance, have anything like the same surface area.
DON’T forget to include the rebuild value of sheds and other buildings away from the main property. Even if these survive a catastrophe, they may need to be demolished.
REBUILDING a period house will cost more if you want or need to restore original features. In some areas, you will be legally obliged to do this. In others, it would help maintain property values.
PROPERTY insurers will normally find you somewhere to live if your home is destroyed.
IT is better to overinsure than under-insure if you remain uncertain. The first will cost a little, the second could cost a fortune.