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With floods begin the most common natural disaster in the UK, and almost 30,000 house fires last year in the UK alone, making sure your property is adequately insured is vital. Part of this process is ensuring you submit the correct rebuilding costs via your insurance, a topic you can read all about below.
Defining the Rebuild Cost of a Property
The rebuild cost of your property is separate from its market valuation or the price you paid when you bought it. This is because the market valuation will be based on a range of factors including the condition of the property, as well as its location, the land that comes with it, and for residential properties, whether they are in a good school catchment area.
Instead, a rebuild cost is a figure needed to rebuild your property from the ground up, should it be destroyed or disastrously damaged by extreme weather or fire.
To that end, your rebuilding costs need to take into account a range of factors including the cost of materials, and labour, as well as plumbing, electrics, survey costs, and even the fees connected to demolishing the remains of your old property.
Why Do I Need to Have an Idea of the Rebuild Cost of My Property?
You will need to submit rebuilding costs for insurance when you fill in your property insurance policy. This is because if your residential or commercial property is destroyed by flood or fire, your insurance will cover this cost so you can rebuild.
With that in mind, it’s crucial that you calculate the rebuild cost of your property accurately, so you can be sure you have enough to cover all the costs should your property need to be rebuilt.
How Can I Calculate Rebuilding Costs for Insurance Purposes?
Now you know just how vital it is to make sure you know the rebuild cost of your property, it’s time to find out how you can make this calculation. There are two effective ways to calculate rebuilding costs. The first is to use a buildings insurance calculator for rebuilding costs that will ask you to enter several figures including the size of your property in square metres and then will complete an approximate calculation for you.
The second is to pay a surveyor to do it for you, which tends to be even more accurate, and much less hassle than doing it yourself, especially if you are trying to work out commercial rebuilding costs for insurance.
Rebuilding Costs from Brickman Insurance Services
Whether you are looking for your current reinstatement cost valuation, or you require a full assessment following an insured event, we can help. Contact us today to enquire about our rebuilding costs services.