When home insurance refers to 'rebuild costs' this is the amount that it would cost to completely rebuild your home if it were to be destroyed beyond repair. As well as the cost of materials to rebuild your home, the cost includes any labour costs. The cost is usually lower than the market value of your home.
If you were to base the home insurance policy on the market value of your home you may pay higher than necessary premiums
If your home should be made using non standard material (such as brick) then the rebuild cost may change and the cost could be higher than its market value. If this is the case, you should insure your home at a higher rebuild cost, and not the lower sale price or market value as this could leave you with an insurance shortfall.
If your home is made of standard materials there are usually two ways to get the rebuild cost. You could hire a chartered surveyor to complete an assessment of your home and supply an accurate rebuild cost. Alternatively you can use the Building Cost Information Service's home rebuild calculator.
Should you live in a home built from non standard materials please consult a chartered surveyor for advice.
If you need to find a chartered surveyor please go to the Royal Institute of Chartered Surveyors website.
If you recently bought your property, the home rebuild cost should be shown on the mortgage valuation or deeds. You should confirm the rebuild cost is accurate when renewing your home insurance to ensure you have adequate cover.
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