What would my property cost to rebuild?

Calculating a building’s rebuild cost will require the use of a buildings rebuild cost calculator. This can be accessed via the BCIS calculator on their website. However, you will require the following information in order to generate an accurate figure:

  1. Is the property is a house/bungalow, a purpose built flat or a converted flat?
  2. Choose whether the property is detached, semi-detached or terraced.
  3. Select the number of storeys in the building.
  4. Enter the postcode and approximate year of build for the property.
  5. Enter the external floor area in either m² or ft². Calculate this by taking the area measured to the external face of external walls. Duplicate this figure for each additional floor within the property.
  6. Enter the number of bedrooms and bathrooms in the property. You then need to select the construction materials of both the walls and the roof.

Having followed these steps the calculator will then be able to provide you with an approximate cost of rebuilding your property, which you can then use for insurance purposes.


Why not use our inbuilt rebuild cost estimator?

We have a direct link to the BCIS rebuild cost estimator in our quote system that automatically suggests an estimated rebuild cost for you to use in your insurance quote. Remember, this should be treated as a guide only, in order to avoid under-insurance.


What is under-insurance?

Under-insurance is the terms used to describe the situation where the value or description fo the insured event/object is less than what it would actually cost to replace. In this example, the cost provided by you of rebuilding, replacing or repairing the buildings at the time of the loss or damage has been greatly underestimated.

What impact can this have?

When a greatly exaggerated buildings rebuild cost is entered there are two main impacts:

  1. The cost of the insurance quote will not accurately reflect the level of cover/risk you are asking the insurer to honour – either artificially low or high.
  2. When it comes to making a claim the claims assessor will work out the rebuild cost independently. if this has then been misrepresented during the quote it can mean that when the claim is settled it will be reduced in proportion depending on the underinsured amount you are.

Calculating the contents value of your house

Calculating how much it would cost to replace all of your contents if they were lost or damaged is a relatively simple (if time-consuming) process. You simply need to visit each room in your house, noting down the items and their value, before calculating the total that you will need to cover your entire contents for.

Reasons to get a home insurance quote with CoverBuilder




What does buildings insurance cover?

Buildings insurance will cover the standard perils that you would expect and that can damage your home. This includes things such as;

  • Fire and lightning strike
  • Storm damage
  • Explosion (caused by gas leaks etc)
  • Structural damage caused by subsidence and fallen trees
  • Water damage to your house caused by burst pipes
  • Damage caused to buildings or doors during a break in.
  • Vehicle collisions with the building
  • Vandalism
  • Accidental damage, in case you put your foot through the attic (this is an optional extra)

You need to select a suitable rebuild cost to insure your home for since this will ensure you are fully protected. If your home was destroyed this is the amount that it would cost to completely rebuild. It is not the market value that it would be sold for (because market value takes into account the value of the land on which the building sits).

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