building insurance cover - how much

[dillons]

Just wondering if there are any guidelines on how much to cover building for. I am buying a house for 350K, is that the amount of cover I take out or is there a way of estimating rebuilding costs for cover?

Thanks.

 

[Molly]

if you are availing of a mortage to purchase the property, the mortgage lender will require a reinstatment value on the property valuation. This reinstatement figure is the amount you need to insure your property for.

the sum you insure your property for is based on the size of the property its location and the current estimated cost of rebuilding said property, maybe a google search under IPAV may be useful.

 

[ClubMan]

See the many other threads on home insurance. In particular see the SCS guide to house rebuilding insurance:

[FONT=Verdana,Courier,Monaco][broken link removed]

[/FONT]Insure for the estimated reinstatement cost not the market value. Take care not to over or, more importantly, under insure as far as possible.

 

[dillons]

if you are availing of a mortage to purchase the property, the mortgage lender will require a reinstatment value on the property valuation. This reinstatement figure is the amount you need to insure your property for.

the sum you insure your property for is based on the size of the property its location and the current estimated cost of rebuilding said property, maybe a google search under IPAV may be useful.