property value for house insurance

wasim21k

guys,
little help. can any on tell me how much you have to tell ur insurance company about ur house price?
i bought house cost 275000. so i anything happen it would cost 275000 to rebuild so how much i have to tell my insurance company any % or any idea?

Jo King

There are re-building tables to value the re-instatement cost of your house. The rebuilding cost will depend on the square footage, whether the house is terraced, semi-detached or detached and also whether there are features which will render re-instatement more expensive. Some houses may cost more to reinstatethan their market value, many cost less. The society of Chartered Surveyors publishes tables you can use.

wasim21k

thanks for quick reply,
where i can find that tables?
house is sami-detached and 1235sqf.
and what do you mean by

also whether there are features which will render re-instatement more expensive

Jo King wrote:

There are re-building tables to value the re-instatement cost of your house. The rebuilding cost will depend on the square footage, whether the house is terraced, semi-detached or detached and also whether there are features which will render re-instatement more expensive. Some houses may cost more to reinstatethan their market value, many cost less. The society of Chartered Surveyors publishes tables you can use.

Victor

wasim21k wrote:

i bought house cost 275000. so i anything happen it would cost 275000 to rebuild so how much i have to tell my insurance company any % or any idea?

If your house burns down, you still have a (valuable) site.

http://www.scs.ie/publication/pdf/homeownersguide2006.pdf

miju

AFAIK the insurance companys dont particularly care if you paid €1,000,000 or €100,000. they insure and pretty much only payout on the houses rebuild cost IIRC

wasim21k

guys thanks for help i really dont like insurance companies coz they don't care when u claim. i had very bad experience with insurance companies. :mad:
just have to do it.