Let property rebuilding values and house prices
Well, it has been a few weeks since my last post and christmas has come and gone. I had a great time at home with the family and we are now looking forward to whatever next year brings.
Todays house price news showed the continued downward trend in value with a 1.9 percent fall in November due to the weak market bringing the average value of a home to £161,883 which is similar to February 2006 levels.
With these continued falls, it is important to remember that most insurance policies are based on the rebuilding cost of your property and not the sale value. It is important that you get this right as insurers may apply what is termed ‘average’ in the event of underinsurance which would mean a reduction in any claim payment you may receive.
The rebuild value can be estimated if you know the square footage of your property and the Association of British Insurers have a house rebuilding cost calculator to assist with this. The following link will take you there:
A number of the major insurers have increased their monthly index-linking amounts from 4 to 7% which indicates that they believe that the cost of rebuilding a property is increasing.
If you need any further guidance, call us on 0800 0747477.
I wish you all a happy and prosperous new year
Nick Blunden
January 12th, 2009 at 11:33 am
Not living anymore in the UK since 2009 and having tenants moving in my property, I have to change my home insurance. The issue is that no companies provide phone numbers calling from abroad and forms on the internet for quotes don’t accept postal codes outside the UK. I can’t believe there is no insurance company in the UK that’s available on this type of market considering the many retired people living outside the UK.
Thanks for a useful reply.
January 12th, 2009 at 3:05 pm
Thank you for your comment. We have discussed this in the past with our panel of insurers as it is a question being posed more and more frequently. The answer is that as long as you have a british passport or have retained dual nationality, we will be able to provide terms for your risk.
Unfortunately the website will not be able take your overseas address but I will have one of our team forward you a proposal form for your completion and will send you a quotation back.
Hope this helps but if not let me know and I will see what I can do.
January 23rd, 2009 at 10:19 am
There is obviously a lot to know about house insurance company. I think you made some good points in perty rebuilding values and house prices | Cover4 Let Property: News and Articles relating to let property insurance
February 3rd, 2009 at 2:28 am
Very interesting article, as are some of your other posts. I have bookmarked for for future visits, keep up the good work