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how much should i insure my house for
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By (user no longer on site)
over a year ago
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"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?"
Talk to a broker. You need the rebuild cost. There is a website run by RICS that can help but a broker can do it for you.
They can also help with the value of contents. These are often undervalued leaving you in danger of being underinsured in the event of a claim. |
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By *amissCouple
over a year ago
chelmsford |
"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?"
Most companies give an unlimited amount on buildings, so should it burn down, they pay the cost of clearing the land and rebuilding to previous spec. With contents insurance they will tell you what cover you need, so you are never underinsured. Maybe go online,ie compare the market.com and compare the prices  |
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By (user no longer on site)
over a year ago
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"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?
Most companies give an unlimited amount on buildings, so should it burn down, they pay the cost of clearing the land and rebuilding to previous spec. With contents insurance they will tell you what cover you need, so you are never underinsured. Maybe go online,ie compare the market.com and compare the prices "
I think I'll keep you as a financial adviser....you seem to know your onions |
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By (user no longer on site)
over a year ago
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"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?"
You should have a rebuild cost as part of the valuation =, so that's what you insure it for. You're welcome! |
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By (user no longer on site)
over a year ago
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Usually it’s calculated using a certain figure multipled by the square footage of the build.
Although I’ve also seen insurers use a figure per £1000 of the valuation.
If you give the insurers the value, they can calculate it for you anyway. |
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By *amissCouple
over a year ago
chelmsford |
"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?
Most companies give an unlimited amount on buildings, so should it burn down, they pay the cost of clearing the land and rebuilding to previous spec. With contents insurance they will tell you what cover you need, so you are never underinsured. Maybe go online,ie compare the market.com and compare the prices
I think I'll keep you as a financial adviser....you seem to know your onions "
My profession for 30 odd years |
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Many of the online sites are bedroom rated policies. You tell them the number of bedrooms and they will calculate the cover needed.
If the policy is not, just quote the price that you paid for the house, if you bought it recently, or what they sell for in the street.
You are only talking about £110,000.00. That is not going to be a problem. If it was £1.1 million, maybe. |
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By *amissCouple
over a year ago
chelmsford |
"Many of the online sites are bedroom rated policies. You tell them the number of bedrooms and they will calculate the cover needed.
If the policy is not, just quote the price that you paid for the house, if you bought it recently, or what they sell for in the street.
You are only talking about £110,000.00. That is not going to be a problem. If it was £1.1 million, maybe."
All insurance companies ask how many bedrooms you have, not just online sites and £110,000 is a lot if it is your home. |
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By (user no longer on site)
over a year ago
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"Many of the online sites are bedroom rated policies. You tell them the number of bedrooms and they will calculate the cover needed.
If the policy is not, just quote the price that you paid for the house, if you bought it recently, or what they sell for in the street.
You are only talking about £110,000.00. That is not going to be a problem. If it was £1.1 million, maybe.
All insurance companies ask how many bedrooms you have, not just online sites and £110,000 is a lot if it is your home."
As I understood it...it's like you said it the cost of demolition and rebuild and I thought the cost of any a joining houses should your property cause the adjoining property to have to be rebuilt..eg due to a gas explosion I think you need to be looking at around half a million expecially for the mortgage company to be happy.
I may be wrong though as I've never worked in banking
due to a gas explosion |
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By *amissCouple
over a year ago
chelmsford |
"Many of the online sites are bedroom rated policies. You tell them the number of bedrooms and they will calculate the cover needed.
If the policy is not, just quote the price that you paid for the house, if you bought it recently, or what they sell for in the street.
You are only talking about £110,000.00. That is not going to be a problem. If it was £1.1 million, maybe.
All insurance companies ask how many bedrooms you have, not just online sites and £110,000 is a lot if it is your home.
As I understood it...it's like you said it the cost of demolition and rebuild and I thought the cost of any a joining houses should your property cause the adjoining property to have to be rebuilt..eg due to a gas explosion I think you need to be looking at around half a million expecially for the mortgage company to be happy.
I may be wrong though as I've never worked in banking
due to a gas explosion "
No gas here!  . Those other costs you speak of are covered on the liability part of the policy, my policy for instance, is unlimited amount for the actual property and 2million for liability insurance |
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By (user no longer on site)
over a year ago
|
"Many of the online sites are bedroom rated policies. You tell them the number of bedrooms and they will calculate the cover needed.
If the policy is not, just quote the price that you paid for the house, if you bought it recently, or what they sell for in the street.
You are only talking about £110,000.00. That is not going to be a problem. If it was £1.1 million, maybe.
All insurance companies ask how many bedrooms you have, not just online sites and £110,000 is a lot if it is your home.
As I understood it...it's like you said it the cost of demolition and rebuild and I thought the cost of any a joining houses should your property cause the adjoining property to have to be rebuilt..eg due to a gas explosion I think you need to be looking at around half a million expecially for the mortgage company to be happy.
I may be wrong though as I've never worked in banking
due to a gas explosion
No gas here! . Those other costs you speak of are covered on the liability part of the policy, my policy for instance, is unlimited amount for the actual property and 2million for liability insurance "
Ok smarty pants   |
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By *amissCouple
over a year ago
chelmsford |
"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?"
Hello Op. I don't know if you have a mortgage, but if you do your lender would have ensured you were adequately covered, after all, they 'own' the property until the debt is repaid. |
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By *amissCouple
over a year ago
chelmsford |
"Many of the online sites are bedroom rated policies. You tell them the number of bedrooms and they will calculate the cover needed.
If the policy is not, just quote the price that you paid for the house, if you bought it recently, or what they sell for in the street.
You are only talking about £110,000.00. That is not going to be a problem. If it was £1.1 million, maybe.
All insurance companies ask how many bedrooms you have, not just online sites and £110,000 is a lot if it is your home.
As I understood it...it's like you said it the cost of demolition and rebuild and I thought the cost of any a joining houses should your property cause the adjoining property to have to be rebuilt..eg due to a gas explosion I think you need to be looking at around half a million expecially for the mortgage company to be happy.
I may be wrong though as I've never worked in banking
due to a gas explosion
No gas here! . Those other costs you speak of are covered on the liability part of the policy, my policy for instance, is unlimited amount for the actual property and 2million for liability insurance
Ok smarty pants "
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"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?
Hello Op. I don't know if you have a mortgage, but if you do your lender would have ensured you were adequately covered, after all, they 'own' the property until the debt is repaid. "
Not now. You are allowed to obtain your own and have their interest noted on it. |
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By *amissCouple
over a year ago
chelmsford |
"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?
Hello Op. I don't know if you have a mortgage, but if you do your lender would have ensured you were adequately covered, after all, they 'own' the property until the debt is repaid.
Not now. You are allowed to obtain your own and have their interest noted on it."
Ok thank you, long time since we had a mortgage. |
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"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?
Hello Op. I don't know if you have a mortgage, but if you do your lender would have ensured you were adequately covered, after all, they 'own' the property until the debt is repaid.
Not now. You are allowed to obtain your own and have their interest noted on it.
Ok thank you, long time since we had a mortgage. "
Never had one, but the competition rules have stepped in as the lenders' policies were always expensive. |
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By (user no longer on site)
over a year ago
|
"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?
Talk to a broker. You need the rebuild cost. There is a website run by RICS that can help but a broker can do it for you.
They can also help with the value of contents. These are often undervalued leaving you in danger of being underinsured in the event of a claim."
An insurance broker cannot help with this unless they happen to also be a qualified building surveyor.
As someone has also mentioned, if you have a mortgage the lender will advise you of the reinstatement value the building is to be insured for.
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By (user no longer on site)
over a year ago
|
"Many of the online sites are bedroom rated policies. You tell them the number of bedrooms and they will calculate the cover needed.
If the policy is not, just quote the price that you paid for the house, if you bought it recently, or what they sell for in the street.
You are only talking about £110,000.00. That is not going to be a problem. If it was £1.1 million, maybe.
All insurance companies ask how many bedrooms you have, not just online sites and £110,000 is a lot if it is your home.
As I understood it...it's like you said it the cost of demolition and rebuild and I thought the cost of any a joining houses should your property cause the adjoining property to have to be rebuilt..eg due to a gas explosion I think you need to be looking at around half a million expecially for the mortgage company to be happy.
I may be wrong though as I've never worked in banking
due to a gas explosion
No gas here! . Those other costs you speak of are covered on the liability part of the policy, my policy for instance, is unlimited amount for the actual property and 2million for liability insurance "
The liability cover only applies where you are legally liable. If the unfortunate happens and your house goes kaboom and takes half of next door with it, unless you had been negligent and caused the incident or if you were in someway legally liable, your insurance is not going to rebuild your neighbours house. |
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By *amissCouple
over a year ago
chelmsford |
"We are with Esure and the cover amount is unlimited.
Except that they don't mention the rebuilding costs at all!!
https://www.esure.com/home-Insurance/policy-limits
"
Ooh thanks for bringing that to my attention, I'll dash off and check my policy booklet |
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By *amissCouple
over a year ago
chelmsford |
"Many of the online sites are bedroom rated policies. You tell them the number of bedrooms and they will calculate the cover needed.
If the policy is not, just quote the price that you paid for the house, if you bought it recently, or what they sell for in the street.
You are only talking about £110,000.00. That is not going to be a problem. If it was £1.1 million, maybe.
All insurance companies ask how many bedrooms you have, not just online sites and £110,000 is a lot if it is your home.
As I understood it...it's like you said it the cost of demolition and rebuild and I thought the cost of any a joining houses should your property cause the adjoining property to have to be rebuilt..eg due to a gas explosion I think you need to be looking at around half a million expecially for the mortgage company to be happy.
I may be wrong though as I've never worked in banking
due to a gas explosion
No gas here! . Those other costs you speak of are covered on the liability part of the policy, my policy for instance, is unlimited amount for the actual property and 2million for liability insurance
The liability cover only applies where you are legally liable. If the unfortunate happens and your house goes kaboom and takes half of next door with it, unless you had been negligent and caused the incident or if you were in someway legally liable, your insurance is not going to rebuild your neighbours house. "
Thank you  |
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By *amissCouple
over a year ago
chelmsford |
"I'd be interested to know. They quote all sorts of crap - £10 million for domestic staff - because we all have servants and butlers! But miss out the most important thing!"
Yep. Bloody servants cost me a fortune! |
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By (user no longer on site)
over a year ago
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"Seriously though wtf is this shit??? 
The poster wants to know what to insure his house for
Looks what you started now
Something to do on a boring Wednesday night innit "
Fecking conked out again ffs  |
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By *amissCouple
over a year ago
chelmsford |
"Seriously though wtf is this shit???
The poster wants to know what to insure his house for
Looks what you started now
Something to do on a boring Wednesday night innit
Fecking conked out again ffs "
Haha |
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By *riskygaz OP Man
over a year ago
birmingham |
"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?
Hello Op. I don't know if you have a mortgage, but if you do your lender would have ensured you were adequately covered, after all, they 'own' the property until the debt is repaid. "
they did a quote for 250,000 I think but by the time the mortgage actually went through that quote had expired, I expected to get called back into the bank but they did not call me, I guess someone has forgotten lol, looking around a bit I now think there quote was hi about £40 a month. |
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By (user no longer on site)
over a year ago
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When calculating the rebuild cost. You need to take into consideration debris removal from the site along with any professional fees.
Did you have a survey ? Have they provided you with a rebuild cost ?
If you know the square footage have a look at online for a rebuild cost calculator |
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By *ldguyMan
over a year ago
ongar |
"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?"
Find out what the re building cost would be as the house is only part of the price you paid am assuming you have the freehold.
Contents does it really matter? |
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By *izzy.Woman
over a year ago
Stoke area |
"You're over-complicating this on a £110k house. None of this is necessary. "
The rebuilding cost is necessary whatever value the house. Not sure where to get best advise regarding the amount. |
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By (user no longer on site)
over a year ago
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Your quote should calculate the rebuild cost for you based on the information you input ie valuation, no of beds, age and type of property and postcode. It will usually be more than the property is worth.
If it's a recent purchase, your professional valuation/survey should mention rebuild costs for insurance purposes.
£40 per month sounds excessive. I pay £37pm for buildings and contents on a 6 bed house |
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By (user no longer on site)
over a year ago
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"first time home owner, the house is valued at £110,000 so what price should I insure it for building and contents insurance ?
Find out what the re building cost would be as the house is only part of the price you paid am assuming you have the freehold.
Contents does it really matter? "
It matters on contents if you insure for less than what you actually have. In the event of a major claim you will likely suffer from the application of average which will reduce the amount you receive. |
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You're way over-complicating this. It's a £110k house, and unless for some reason the OP is living in a house that is worth less than half the UK average house price, but has it stuffed full of Picassos etc, then every insurers standard cover is going to be more than good enough for the total value of the contents and the value of each individual item.
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