23 April 2014: 23:35 UK Time
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Buildings Insurance and Rebuilding Costs


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Buildings Insurance and Current Rebuilding Costs calculation

Before obtaining a buildings insurance quote you will need to know the current full rebuilding / reinstatement cost for the building you wish to insure. This is not its market value. For example, it's possible that a beautifully constructed property in a run down area may cost more than a similar size cheaply constructed property in a nicer area.

LINK TO RICS REBUILDING COST CALCULATOR

What does Buildings Insurance generally cover?*

In addition to the property's structure, buildings insurance usually covers permanent fixtures and fittings such as baths and wcs, fitted kitchens and bedroom cupboards. Interior decorations are also covered. Policies usually also cover outbuildings such as garages, greenhouses etc. Boundary walls, fences, gates, paths, drives and swimming pools may not be covered - you need to check the policy regarding these items.

Rebuilding Cost for Insurance Purposes and RICS Calculator

Most house insurance policies require that the sum assured is the full rebuilding cost of the property. As the owner / landlord it is your responsibility to get this figure right. This calculator gives a general indication of rebuilding costs for many common properties within the UK, but it should be noted that it is not appropriate for all houses and the rebuilding cost of even similar houses can vary depending on individual circumstances. The guidance figures are based on specific examples of five different house types of average quality, built using standard construction methods. The calculator is not applicable to:
• Houses built of stone or materials other than brick;
• Properties with more than two storeys (see note on 'measuring your house') or with basements and cellars;
• Houses with special design features;
• Houses other than of average quality;
• Flats, because types of construction differ widely, as do responsibilities for shared parts;
• Houses of greater size than those described in the tables;
• Houses containing hazardous materials e.g. asbestos, likely to require special precaution/treatment following damage or demolition;
• Houses which are considered to be historic or are listed buildings, which will almost certainly have to be rebuilt to their original design using identical materials.


It is recommended that a flat or maisonette is insured together with the other flats or maisonettes that make up the block, under a single policy arranged for the whole block. This will avoid complications which may arise if units are insured individually and also ensure that you have the widest possible cover available, e.g. for common parts, which may not be available under an individual policy.

To calculate the rebuilding cost for any of the above categories, you should seek professional advice and not rely on the calculator. The rebuilding costs in the calculator provide for an average home to be rebuilt to its existing standard using modern materials and techniques and in accordance with current Building Regulations and other statutory requirements.

LINK TO RICS REBUILDING COST CALCULATOR

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*Buildings insurance policies differ in the cover they provide and in their terms and conditions. The information here is of a general nature - for detailed information you must read the Rentguard Policy Document.

 

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