Rebuild Cost FAQs
Is rebuild cost the same as market value?
No · the most common buildings insurance mistake. Rebuild cost = clear the site and reconstruct the house: materials, labour, professional fees. In expensive areas it is often far BELOW market value (the land carries the price); for period and non-standard homes it can exceed it. Insure the rebuild figure, not the Rightmove figure.
What happens if I underinsure?
The average clause scales down EVERY claim proportionally. Insured for £200k when rebuild is £400k? You are 50% covered · a £20,000 kitchen fire pays £10,000. Industry surveys suggest most UK homes are underinsured, largely because sums were set years ago and never indexed to building-cost inflation.
How do I get an accurate figure?
The free ABI/BCIS-based rebuild assessment gives a formal figure from floor area and details · this page uses the same £/m² logic to get you close enough to sanity-check the policy schedule. For listed or unusual homes, pay for a RICS rebuild assessment (~£200) · it can save thousands in premium or catastrophe.
Why are period homes pricier to rebuild?
Solid walls, lime plaster, sash windows, slate and thatch need specialist trades · typically 20-50% above standard construction, and far more for listed buildings where like-for-like reinstatement is legally required. Standard calculators chronically underestimate them.
Do flats need this?
Usually the freeholder or management company insures the block and leaseholders pay via service charge · you need contents plus improvements cover. But verify the block policy exists and its sum is realistic: block underinsurance became a serious leaseholder problem in recent years.
For informational purposes only · Indicative BCIS-style estimate: base ~£2,200/m² standard construction adjusted for type and region · Not a formal rebuild assessment · For accuracy use the ABI/BCIS calculator or a RICS assessment · Check policies for index-linking