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Help!!! House rebuild question

  • 28-11-2013 1:51am
    #1
    eillib
    Registered Users, Registered Users 2 Posts: 4 ✭


    I am hoping to close on a house shortly.
    The bank valuer said the rebuild was 95,000,but the quote I got from the insurance company has put the rebuild at 125,000 (that is their minimum)
    I know the contents are separate, that is fine.
    My question is: Will the bank accept 125,000 ie. Does the rebuild have to be exactly what is on the valuation cert?
    If they don't I'm goosed, I can't get anyone else to quote as it is in a subsidence area.


Comments

  • #2
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    So you have to over insure the property if the bank's figures are correct. No harm done (except to your pocket). The bank obviously won't have a problem with their security being over insured as they aren't paying for it. They would only have a problem if you attempted to under insure it. You'll only get the actual rebuild cost out of the insurer, even if you're over insured of course.


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