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The cost of rebuilding a home

As we’ve mentioned above, you’ll be asked how much it will cost to rebuild your home when you try to take out a buildings insurance policy. This is to ensure that you have the appropriate level of cover. But how do you know how much it will cost to actually rebuild the property? In many cases, the sum represented here will be very different from the resale value of the property.

If you’ve just bought a property and you’ve asked a surveyor to carry out a structural survey (or Home Buyers Report), then you may be able to get this information easily enough. Generally speaking, a surveyor’s report will generally include information on the rebuilding cost of the property.

But what if you’ve not employed a surveyor? In order to estimate the rebuilding cost, you’ll need to refer to something like the Building Cost Information Service (BCIS), which you can track down online.

In order to calculate the rebuilding cost, you’ll be asked for some information about your property. This will include:

  • The total floor area
  • The type of property (detached, semi-detached , terraced etc)
  • The age of property
  • The area where the property is located

Their online rebuilding calculator also allows you to enter additional information, if required. So you can, for instance, enter information on garages and out-buildings, where appropriate.

Don’t forget that the information provided by BCIS should only be used as a guide. If you’re in any doubt, you may want to slightly over-estimate the rebuilding cost. Although that will add to your premium, you will at least have the comfort of knowing that you are covered.

Home Insurance

Our complete guide to home insurance aims to give you the lowdown on your buildings and contents insurance options. Check out the complete list of articles:

Contents insurance
Comparing contents insurance
Buildings insurance explained
Buildings insurance risks
Buildings insurance cover
Buildings insurance: rebuilding costs
Buying buildings insurance online
Buildings insurance: moving home