Do you insure your home for its market value? If so you may be paying too much premium because it’s the rebuilding cost which should be the amount you insure. These values may be different because you do not have to insure the value of the land, although you do have to make an allowance for clearing the land if your home is destroyed and of course for the professional services of architects, surveyors etc.

There are circumstances, more often than you might think, when the rebuilding cost is at least as much as the market value! It’s usually if you own a home that’s listed, or of special construction, or if it has protected features. If you have anything like this then the extra costs must be considered as well. See PolicyCastle’s blogs on potential issues for insurers with non standard construction homes, and on the different grades of listed buildings.

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