Insurance figure

[mk85]

When insurance companies asks you the value that you wish to insure against....is it the Rebuild (reinstatment) value that they want or is is the current market value of the property?

[specialist]

Hi Mike
The sum insured is ALWAYS the rebuild cost, dont rely on strange permutations of the sale price ! The correct method is based on the square footage/ sq M measure the area of the footprint and times by the number of storeys the use £100 per sq foot or £975 per sq m any problems just ask specialist@deliteinsurance.co.uk

[mk85]

Is it the area of the whole site that you calculate (i.e including front and back gardens) or is it only the floor area of the building that you use?

[jeffrey]

Is it the area of the whole site that you calculate (i.e including front and back gardens) or is it only the floor area of the building that you use?

Usually internal floor area. How would you rebuild gardens?