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General: Rebuilding cost estimates for insurance purposes

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1 to 27 of 27

  1.  
    • CommentAuthorTriassic
    • CommentTimeOct 11th 2012
     
    I've been asked for the rebuilding costs for a timber chalet style bunglow I'm trying to get insuranced. It has been suggested I use the RICS rebuild cost calculator, but I note that timber construction is not covered. I talked to a local surveyor who was unable to help given the age of the property (1935) and questions about planning restrictions and meeting current building standards.

    Anyone got any ideas how to get to a current rebuilding cost?

    One thought I had was to use the cost per square metre model for new builds (not sure how an insurance company would feel about the approach?)
    • CommentAuthortony
    • CommentTimeOct 11th 2012
     
    yes do that but add for demolition work overall say min 1200m2 up to 1800m2
  3.  
    Isnt it the insurance company that values rebuild, calculates the premium they want and which you decide to buy or not?
    • CommentAuthortony
    • CommentTimeOct 11th 2012
     
    no you tell them if you say to little they can pro rata your big claim if you say too much you pay too much.

    My insurer only wanted to know how many bedrooms I had = 3 but my house is the size of a five bedder!
    • CommentAuthorTriassic
    • CommentTimeOct 11th 2012 edited
     
    I have a horrible feeling that insurance companies are asking such awkward questions in the hope that the majority of the public will under estimate the rebuild costs, so in the event of a claim they simple pay out the amount insured, leaving you £10s of thousands short for the rebuild. But when you complain they will trot out the tape recording of the conversation you had with them on the phone as proof they kept their end of the deal.


    Just a thought - the property in question is Grade 2 listed, so how much extra should I add to my rebuild cost calculation to cover this?
    • CommentAuthorfinny
    • CommentTimeOct 11th 2012
     
    I pulled our insurance company up for this as they had us down for rebuild costs at 50% of what we paid for the house.. seems to be standard.. We couldn't buy and stack up the slate walls for that so I insisted they more than double it..which they happily did with no impact on the premiums! Farmers Union..
    • CommentAuthorCWatters
    • CommentTimeOct 14th 2012
     
    In case of interest...Some insurance companies (example Halifax) offer unlimited rebuild cost cover.
    • CommentAuthorfinny
    • CommentTimeOct 14th 2012
     
    Sounds ..
    Anyone ever claimed on that? Anyone?
    • CommentAuthorCWatters
    • CommentTimeOct 14th 2012
     
    Sure why not. They don't say they will pay out an unlimited amount, just what it costs to rebuild what you had.
    • CommentAuthorEd Davies
    • CommentTimeOct 14th 2012
     
    Presumably they'd also cover any extra costs resulting from the replacement having to comply with current building regs?
    • CommentAuthornikhoward
    • CommentTimeOct 16th 2012
     
    50% would appear the norm, I was shocked when we brought our first house and the rebuild cost they suggested was triple what we had just payed (but it was stone 3 foot thick walls in Lake District, mid 1990's only cost us £46k), they don't build em like they used ta (except for GBF members)
    • CommentAuthorJonti
    • CommentTimeOct 16th 2012
     
    Posted By: nikhowardthey don't build em like they used ta (except for GBF members)


    just out of interest, has anyone built or heard of a modern house with 3 foot thick stone walls?

    Jonti
  13.  
    >>In case of interest...Some insurance companies (example Halifax) offer unlimited rebuild cost cover.

    Liverpool Victoria do this as well. Rebuilds are extremely rare (compared to more minor claims) so I suspect the upper limit placed doesn't affect the premium much and they've taken the, sensible, decision that spending time with every customer discussing it, and arguing about it if there is a claim isn't worth it.
    •  
      CommentAuthorfostertom
    • CommentTimeOct 16th 2012
     
    Posted By: Jontihas anyone built or heard of a modern house with 3 foot thick stone walls?
    Castle Drogo!
    •  
      CommentAuthorjoe90
    • CommentTimeOct 16th 2012
     
    'last castle to be built in England' does this make it modern?:devil:
    •  
      CommentAuthorfostertom
    • CommentTimeOct 16th 2012
     
    Definitely not. NT just embarking on a multi-million programme to cure the water-penerating granite walls once and for all
  17.  
    Our RICS rebuild cost is quite a lot more than the local market value of similar houses. I wonder if they'd pay to rebuild, or would they ask us to buy another place?

    Must be some risks of insurance fraud in there.

    Our insurance is up to 2million by default, think with esure.
    • CommentAuthornikhoward
    • CommentTimeOct 17th 2012
     
    Posted By: joe90'last castle to be built in England' does this make it modern?http:///newforum/extensions/Vanillacons/smilies/standard/devil.gif" alt=":devil:" title=":devil:" >


    It's all reletive and I do like castle drogo, I guess not far from you Tom? Nice gardens too. Now is there a cavity in those walls ( oh and weep vents, trays, etc).

    I think we should fire a canon at it to see how it fairs and cause even that was not built like they used to is each stone morticed and tenoned like bishops rock or some castles?
    • CommentAuthornikhoward
    • CommentTimeOct 17th 2012
     
    Posted By: Jonti
    Posted By: nikhowardthey don't build em like they used ta (except for GBF members)


    just out of interest, has anyone built or heard of a modern house with 3 foot thick stone walls?

    Jonti


    Maybe some barn conversion new build type thing in a conservation area, built to ph standards, but the inner 2 foot could be cavity, insulation and block work?
    • CommentAuthordjh
    • CommentTimeOct 17th 2012
     
    Posted By: Jontijust out of interest, has anyone built or heard of a modern house with 3 foot thick stone walls?

    How thick was the wall down the middle of that Grand Design in the Lake District?
    • CommentAuthorTriassic
    • CommentTimeOct 17th 2012 edited
     
    I've sat down and done an estimate of rebuilding costs based on the suggestions made here.

    Interestingly I do not know the age of the property to within 10 years, as a result 3 of the large companies have declined to quote because of this!!

    I have a suspicion that it was built around the early 1800's, but can’t say for definite to within ten years.
    • CommentAuthordjh
    • CommentTimeOct 17th 2012
     
    Posted By: TriassicInterestingly I do not know the age of the property to within 10 years, as a result 3 of the large companies have declined to quote because of this!!

    Yes, I had trouble with that catch. I couldn't even get contents insurance without telling them the date the house was built! I got somebody else to make up a date so I didn't have to tell a lie. :devil:
  23.  
    Try the census records online, look for the earliest when people were recorded living at yr address.
    • CommentAuthorCWatters
    • CommentTimeOct 18th 2012
     
    Earliest census in England and Wales was 1841 which may not be early enough. Still you might find the data leads to an earlier birth/marriage/will which gives an earlier date.
  25.  
    OP said 1935?

    Tbh I'd be looking at another insurance co. if theyre this difficult when you're trying to buy cover from them, what's it like if you want to claim?

    Ours seemed happy to be told the house age was'before 1900'.
    • CommentAuthordjh
    • CommentTimeOct 18th 2012
     
    Posted By: WillInAberdeenTry the census records online, look for the earliest when people were recorded living at yr address.

    Good idea, but the census doesn't occur every year though and the insurance companies ask for the actual year it was built not an estimate. And in my case the results aren't online because the house is older. In my case I was transferring a policy when we moved, and it's a reliable insurer (I hope!), so I didn't consider changing insurer. You seem to have had more luck with your choice.
  27.  
    <blockquote><cite>Posted By: WillInAberdeen</cite>Ours seemed happy to be told the house age was'before 1900'.</blockquote>

    Likewise - a few different insurers have been happy with 'about 1900' for me. I'm amazed your'e having such trouble.

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