How much cover do I need?
High Value Home Insurance FAQs -
How can I calculate how much cover I need?
The market value of any home is dependent on a number of factors including – among others – its locality, the local amenities and the size of the plot your home stands on. It therefore bears no relation to the actual rebuilding costs. This is particularly the case with high value homes and other property.
You may well find a note of your home's rebuilding costs in any valuation report or survey that was carried out when you took out your mortgage. If you don’t have such a report, it may be a good idea to instruct a surveyor to carry out a survey for you. The Royal Institute of Chartered Surveyors will advise you of members in your area. The Association of British Insurers also offers useful advice and information on-line, together with a basic guide to calculating rebuilding costs. Please remember that the rebuild costs associated with high value and listed properties are usually much higher than those for other properties, due to their special nature.
For contents cover you should calculate what it would cost to replace all your items as new at today's prices, with any fine art or antiques insured at their current market value. You’ll find a Contents Valuation form in the downloads section of this web site
If you already have insurance in place, your renewal documents or schedule of insurance will tell you the value of your existing levels of cover.
