SAVE £600 WITH PROPER BUILDINGS INSURANCE
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| Article date: 30/09/2005 : 16:10:49 |
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Homeowners could save as much as £600 by ensuring their buildings insurance covers the right property value, states a price comparison website.
Insuresupermarket.com has issued a warning to consumers that high property prices could be leading people to insure their building at too high a level.
It urges people to check they have insured the rebuild cost of their home, not the property market value.
"Just because the market value of your property has soared through the roof in recent years doesn’t mean your buildings insurance cover need do the same," explained spokesman Richard Mason.
"Whilst your property market value may be vastly higher than it was five years ago, the price of construction materials hasn’t risen above inflation, so the rebuild cost of your home will likely be a lot lower than the price you’d sell it for."
The rebuild value of a property can be found on the surveyors report or calculated by funding the floor area.
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