The sum insured on the building of your dwelling should represent the full cost of rebuilding your dwelling as new and should allow for such additional costs as site clearance, debris removal, compliance with Local or National planning regulations, Architects, Surveyors and other professional fees.
The sum to be insured on your buildings is not the market value or the price you can sell your home for in the open market. The market value will always include the cost of the site which should be excluded as this cannot be damaged.
The cost of rebuilding your dwelling will vary depending on its size, age, location, whether your home is terraced, semi-detached or detached, is of modern construction, Victorian or Edwardian, with or without a basement etc.
You should also make an allowance for the cost of rebuilding garages and other outbuildings, boundary walls, fitted kitchens, built in wardrobes, any high quality or special finishes such as hardwood floors or doors and any features unique to your dwelling.
The value of your contents which can generally be described as items which are not fixed to the structure such as carpets and curtains should not be included in your building sum insured.
To assist you in calculating the sum insured on the building of your dwelling please view the appropriate calculator below.