How much sholud you have your house insured for? Is there any simple equation?
Our house is worth approx 700K but the building insurance only covers us for 265K. Contents is 56K.
Is this too little?
I would like to know if the reinstatment costs quoted by a surveyor/valuer would includ stuff like kitchens, floors etc ? It will make a difference to the amount I want to ensure my furniture for.
I would like to know if the reinstatment costs quoted by a surveyor/valuer would includ stuff like kitchens, floors etc ? It will make a difference to the amount I want to ensure my furniture for.
The table that I linked to above has this to say about "Guideline costs "
The costs included in this guide are a guideline to the MINIMUM
value for which you should insure the structure of your house.
Applying the rates to the area of your house will only give you a
base to which you should add for other costs such as boundary
walls, garages, fitted kitchens etc...............................
........ The costs do not include any allowance for contents such as
carpets, curtains, loose furniture and domestic appliances. A
separate insurance policy for contents is required.