When i first moved into my self build house in 2008 the re-build cost was valued at 400k by the bank. (House is 3000sq ft in countryside) I have been insuring my home to this value ever since & the premium keeps rising at a steady rate since.
In the current climate i do not believe it would cost 300k to re-build never mind 400k but do i need to get the re-build cost re-valued by the bank or can i go ahead with home insurance based on 300k re-build value?
Obviously my home insurance premium will decrease significantly if the rebuild cost drops by 100k.
There is 230k outstanding on mortgage.
Any help or sugestions greatly appreciated.
In the current climate i do not believe it would cost 300k to re-build never mind 400k but do i need to get the re-build cost re-valued by the bank or can i go ahead with home insurance based on 300k re-build value?
Obviously my home insurance premium will decrease significantly if the rebuild cost drops by 100k.
There is 230k outstanding on mortgage.
Any help or sugestions greatly appreciated.