Quick query.
i over insured my house (like many people) 4 years ago when i took our mortgage, building was insured for 280000. Now when my insurance was up for renewal earlier on this year i insured it for 200000 only thus reducing my premium.
Re-building the house would cost 200000 and not 280000
The problem now is that my mortgage company is chasing me, they want either an official valuation (will cost 300 euros) saying that the re-building cost would be 200000 or an increase building cover back to 280000.
Can't we insure it for what we want ?
Are they allowed to do this ?
Any advices welcome
Thank you
i over insured my house (like many people) 4 years ago when i took our mortgage, building was insured for 280000. Now when my insurance was up for renewal earlier on this year i insured it for 200000 only thus reducing my premium.
Re-building the house would cost 200000 and not 280000
The problem now is that my mortgage company is chasing me, they want either an official valuation (will cost 300 euros) saying that the re-building cost would be 200000 or an increase building cover back to 280000.
Can't we insure it for what we want ?
Are they allowed to do this ?
Any advices welcome
Thank you