The rebuild cost is the amount that a property needs to be insured for. It needs to allow for rebuilding the property to the same specification, including clearing the land and any professional fees in the event of total destruction. The rebuild cost of the property will usually show on the insurance schedule as the ‘declared value’, and needs to be an accurate figure.
Insurance experts are unable to provide advice on the rebuilding cost; therefore it’s the property owner’s responsibility to ensure this is correct. It’s also the property owner’s responsibility to ensure the building remains insured for the correct amount.
Our single property Landlords policy calculates a notional re-buildings cost “behind the scenes” for you and provides up to £1,000,000 cover.
Find out about our landlords insurance.