Rebuild Cost For Home Insurance - Timber/Thatch Property

[mnorris3]

Hi.

Can you advise on a ball-park rebuild cost for the following property - I'm not sure the mortgage company's rebuild cost is enough based on the construction methods etc.?

-House Type 3 Bed, Timber Frame, Daub and Lime Render, Reed Thatch Roof. 15m by 4m, 2 Storey.

- Purchase price £340k

- High Street Mortgage company rebuild cost stated at £128k.

Also if anyone can recommend a good thatch insurer that would be aprpeciated too.

Thanks
Mat.

 

[Gareth Hughes]

Hi.

Can you advise on a ball-park rebuild cost for the following property - I'm not sure the mortgage company's rebuild cost is enough based on the construction methods etc.?

-House Type 3 Bed, Timber Frame, Daub and Lime Render, Reed Thatch Roof. 15m by 4m, 2 Storey.

- Purchase price £340k

- High Street Mortgage company rebuild cost stated at £128k.

Also if anyone can recommend a good thatch insurer that would be aprpeciated too.

Thanks
Mat.

Mortgage company's quote works out at about £1000 / square metre (assuming 120sq m total over two floors)

In my experience that's would be half to a third of the cost of rebuilding to match existing.

 

[Flyfisher]

As Gareth points out, it sounds low. But on the other hand, if that's the figure the insurance company (the experts) has given you (the layman) then, providing you have given them full details of the type of construction, they can hardly claim that you have under-insured the property.

 

[Penners]

You might find it useful to read the following thread. Read it right through, because there are some considerable variations in rebuild cost guidelines mentioned.

http://periodproperty.co.uk/forum/viewtopic.php?t=8879&highlight=

On the basis of figures from various sources, yours seems substantially undervalued.