Rebuild value, can it be an estimate or does it have to be on paper from a valuer?

[lucylou]

Just wondering if anyone can advise me on this, i know there is a rebuild guide you can estimate your rebuild value from, but is this enough for the insurance company, or do i have to have something written from a valuer?
Also how do you know how much contents to insure? we'r just moving to a new house and will be buying new appliances etc.
thanks!

 

[ClubMan]

Re: Rebuild value, can it be an estimate or does it have to be on paper from a valuer

but is this enough for the insurance company

Or more to the point the lender! The insurer doesn't care what you insure for although if, when it comes to a claim, you turn out to be underinsured the the averaging clayse could kick in. Basically when you buy the house the lender's valuation surveyor will give you a rebuilding cost and you must insure for at least that amount. This should be similar to the value that you come up with using [broken link removed]. If there are major discrepancies or you are not sure then you may need to get your own valuation done.

or do i have to have something written from a valuer?

You should get a copy of the lender's valuation survey report by default.

Also how do you know how much contents to insure? we'r just moving to a new house and will be buying new appliances etc.
thanks!

You need to tot up the value of your contents (which may include things like fitted kitchens, bathroom suites, fitted wardrobes etc. - stuff that you might assume to be "buildings") to estimate your specific contents insurance cover requirements.