Hi,
I also pointed out that each year I would have insured my house for the updated rebuild cost value but they dont appear to have updated their records to show this.
Be careful. If your LTV goes up, then you might face a battle that lender wants to increase the rate!
Just got my new home insurance docs in the post today, and there is a clause
"If the sum insured is more than £500,000, we will increase it each month in line with increases in the House Building Cost Index prepared by the Royal Institution of Chartered Surveyors or another index we choose. The sum insured will not change if the value goes down
You'll probably find that your insurance company has a policy of not reducing your cover, to ensure that should costs rise again you won't be under-insured
Rebuild value has not necessarily to do with LTV or mortgage valuation as it would not include land costs, "location, location, location" , and similiar.
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