Rebuild cost & effect on tracker T&C's

I remember a discussion about house insurance valuations and the terms and conditions for trackers so I searched and came up with this thread
http://www.askaboutmoney.com/showthread.php?t=135875&page=5&highlight=house+insurance

The general consensus was to keep reinsuring to the orignal rebuid cost as quoted on the valuation report when the mortgage was arrranged.

This rebuid cost will have dropped dramatically in my case - my valuation report was submitted in 2007.
I'd rather not over-insure as its of no benefit insurance-wise and I don't want to be paying over the odds for insurance.
But I also want to ensure that I don't jeopardise my tracker.

So is it still better to stick with the 2007 rebuid cost or use the up-to-date 2011 rebuid cost?

Your best bet is to speak to your mortgage provider and get a definitive answer.
Any suggestions here will just be guesswork.

In my experience if you do reduce the buildings sum insured you will need to get the valuer to confirm that the rebuild costs have dropped to that level. Some lenders do not require this. To be sure, make a call.

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