How to calculate house rebuilding costs

You need to tell us the rebuild cost of your home to get home insurance quotes - so here’s how to work it out.

Amy Smith

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The rebuild value of your home

Calculating the rebuild cost of your home is a necessary part of getting home insurance quotes.

It tells your insurer how much it would have to pay out if your property was destroyed, in a fire or flood for example.

Key points

  • Rebuild value isn’t the same as market value - it’s usually lower
  • The Building Cost Information Service (BCIS) has a rebuild calculator you can use to find the rebuild value
  • Rebuild costs don’t fluctuate as often as a property’s market value, but it will change over time

The rebuild cost is usually lower than the market value because it doesn’t include the cost of the land your home is built on.

How do I find my property’s rebuild value?

You can usually find the rebuild value in:

  • Your mortgage valuation report
  • The deeds to your home
  • A surveyor’s report
  • Your buildings insurance renewal documents

When you get insurance quotes with us, there's a handy calculator to help you find out the rebuild cost for your house.

Rebuild costs can change over time, so if you’re not sure you have an accurate valuation you can use the Building Cost Information Service’s (BCIS) rebuild calculator, commissioned by the Association of British Insurers (ABI).

Alternatively, you can hire a chartered surveyor to evaluate your home and prepare a Rebuilding Cost Assessment. That could cost a few hundred pounds, but it’s worthwhile for the accuracy of the information it contains.

Your insurer might have a specific way of assessing the rebuild cost of your home, so check the terms and conditions.

If you’ve added an extension to your home, then you’ll need to re-evaluate its rebuild cost and consult your insurer.

Over-insuring

Don’t over-estimate the rebuild value of your home - you’ll end up paying too much for cover you don’t need.

“Overvaluing the rebuild cost of your property could mean that you’re paying more money than you should be for you home insurance, as your insurer will only ever pay the cost of the rebuild regardless,” says GoCompare’s home insurance expert, Ryan Fulthorpe.

The market value of your home is usually more than the rebuild cost, so don’t rely on that figure.

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