You can insure it for what you want once you own it but for now due to the terms and conditions of your mortgage the bank decides how much you need to have it insured for. The only thing they can go on is the reinsurance figure on the valuation (which is 4 years old). A new valuation should cost €130 not €300. Otherwise you will have to increase the cover to the original level or find yourself in breach. Thems the rules unfortunately.
This is interesting. So are you better off reducing your home insurance by the prudent amount you think it's now worth.
And then only getting an official valuation if your insurer requests one?
Also, you mention a new valuation should cost €130. With whom?
Do you mean insurer or lender?
I would get the valuation done first then reduce the insurance. Check with your individual lender before doing anything though.
In my experience, lenders are happy with a one liner from the valuer who carried out the original valuation stating the reduced re build costs.
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