How much should I insure my buildings for?

When you're buying home insurance, the amount you should insure your building for, should be the rebuild value of your property. The rebuild value of your property is the amount of money it would take to rebuild your home from scratch - not the market value of your home if you were to sell it.

When calculating the rebuild value you will need to take into account the price of labour and materials, along with the cost of the site clearance, and architect fees. The calculation should also include any outbuildings/ sheds boundary walls located on your property.

Please note: That the current market value of your home is not the rebuilding cost of the property, as it takes into account the land on which your home is built. If in doubt we recommend visiting the Society of Chartered Surveyors website and using their calculator to work out the rebuilding cost.