Valuation by Estate Agent copied from website

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BusyAtMaths

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Purchasing a new house. Our lender chose an estate agent to value the house (service paid for by me €130).
Valuation report shows a rebuild figure of: €224,318.00. I'm told that this valuation takes into account the fitted kitchen, built in wardrobes, carpet etc.

The Society of Chartered Surveyors has a tool on their website for estimating the rebuild cost of a house.
Well guess what?
The calculator gives me the exact same figure that the estate agent did! €224,318.00 (This estimate is based on SqM, location, semi-D, no. of bedrooms - but furniture and fittings not entered)

Did the estate agent lift his valuation figure from the website?
Am I under insured if I give €224,318.00 to my Insurance company?
How can I be sure of insuring the true/truest re-build figure?
 
That estimate covers building only. Furniture and fittings are covered by your contents insurance. Most insurance companies default to a set percentage of building cost, but I've no idea how to properly estimate.

I'd be surprised if it was taken from anywhere other than the website mentioned. All the bank want this for is to know how much you need to insure their collateral (your house) for.
 
Thanks RedOnion.
Well if the bank wants to know how much I'm going to insure the house/asset for, they should log onto that website and cut out the "valuer".
The best part is, another lender (our preferred lender) has chosen the same estate agent to value the property also. I wonder would they allow the same valuation report to be used (with minor administration involved)? ( - Yep, I doubt it too!).
 
The main thing the bank are interested in is the actual valuation of the house. You're concentrating on the rebuild cost part which is only secondary for the banks purpose. You'd need full house plans and a QS to do that accurately which would cost you a lot more than an estate agents valuation.
 
That is the site the valuers will work from to give a rebuild cost, no reason why their figure should be different from that site, I'd be questioning if it did. The bank need the house valued too, of course they could estimate the insurance costs themselves from that site but how would they know the correct area of house etc, they're not going to take your word for it or the auctioneer selling. There is more to a valuation than just the rebuild amount.

Contents insurance covers anything you can take with you when you leave the house. Built in items like kitchen and wardrobes come under the building insurance and not the contents.
 
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