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What is the typical cost for buildings insurance?
I'm looking to purchase my first property after having rented for many years. It is a leasehold 3-bedroom 2-bath conversion flat in a Victorian house in London, and the freeholder is asking for approximately £120/year for buildings insurance.
I'm just trying to figure out what are typical amounts for buildings insurance - obviously it will depend on the house, location, etc and so no two dwellings will the same.
But I would like to hear from some house owners what they currently pay, and a bit about their property (postcode, size [sqft, sqm], bedrooms, building style, etc)
Many thanks for your replies, hoping to glean more light on this murky area!
Forgot to add what I think might be a crucial piece of information! The flat costs approximately £250,000, and is located in SE4 (Telegraph Hill area, if there are any locals reading this!)
4 Answers
- ?Lv 61 decade agoFavourite answer
The only accurate way to find out what you need to know is by asking insurance companies for quotes. £120 p.a. sounds very reasonable to me for SE4. Go to the BCIS site for rebuild costs as the insurers will need that figure.
Source(s): http://calculator.bcis.co.uk/ - 6 years ago
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RE:
What is the typical cost for buildings insurance?
I'm looking to purchase my first property after having rented for many years. It is a leasehold 3-bedroom 2-bath conversion flat in a Victorian house in London, and the freeholder is asking for approximately £120/year for buildings insurance.
I'm just trying to figure out what are...
Source(s): typical cost buildings insurance: https://biturl.im/8jyzh - Anonymous5 years ago
That clause is standard, and written into EVERY homeowners policy I've ever seen. Until you actually REPLACE, you only get "actual cash value" or "depreciated value" (depending on if it's contents or building). That's in case you decide to NOT replace - so you can't "come out ahead" by getting more money, than the item was actually worth. The legal concept for that, is "betterment".
