There is nothing more comforting that coming home after a long day at work, or visiting your parents in the house you grew up in. Our homes are filled with a lifetime of memories and it would be heart-breaking if anything happened to our property. But the reality is our homes are at risk from natural disasters or unpredicted accidents out of our control. Therefore, it’s important to ensure your home insurance policy covers you should you require a rebuild.
Insurance to Value
The market value of your home is based on economic conditions, location, surrounding facilities and other factors. Whereas your home’s insurance to value is based on how much it would cost to build your home from scratch and replace your valuable belongings. Which is why you can’t rely on your homes market value to set insurance limits.
Rebuild costs should cover the price of materials, architect fees, VAT, labour and more. If your property costs £250,000 to rebuild, a policy value of £100,000 will not be enough to cover you should the worst happen. Therefore, its crucial to ensure your home insurance adequately covers you for a rebuild. Some home insurance prices may appear cheaper but this is often because the policy includes lower insurance to value figures,
Calculating Your Rebuild
If your home is a standard brick build, you can calculate rebuild costs by using a chartered surveyor to carry out a professional assessment. Or alternatively use a house rebuilding cost calculator. However, if your home is made from non-standard materials, has special features or you live in a listed building you should seek advice.
Your house is one of your biggest investments, yet the reality is that the majority of homes in Northern Ireland are underinsured. Get in touch with Abbey Insurance today to learn how we can securely insure your home.