We need to renew our self build insurance for another twelve months, the insurer has asked what the rebuild cost is and suggested we use the RICS rebuild calculator. Having played about with the calculator and clicked the  various help buttons, I find it does not cover externally clad timber frame construction, or four storey houses. Our fourth storey is a single room (sturdy) in the roof. We also have a walk out basement and that’s not covered by the calculator either. Any suggestions as to how to calculate the rebuild cost of a none RICS standard construction timber frame house?

Take the cost you’ve spent on the build, add 25%. Now add another 25% for demolition costs, and add 10% to the whole lot. 
 

That’s about as close as you will get. 

Does the actual number being say + or - x% actually have an equivalent impact on premium for self build insurance?

12 hours ago, Ferdinand said:

Does the actual number being say + or - x% actually have an equivalent impact on premium for self build insurance?

I’ve done some digging and think the rebuild cost, assuming  the insurance assumes a main contractor rebuilds the whole lot, should be around £620,000 ( wow I hadn’t realised my time was so valuable!).

I've just renewed my normal house insurance and found that playing around with the rebuild cost on the comparison sites didn't affect the overall price much. Some companies are offering unlimited rebuild costs for properties up to £1m. 

 

 

Edited January 30, 20206 yr by Temp
spelling errors

We’ve just got some quotes back and the insurance costs for Twelve months have  doubled, from £620 to, £1310. I clearly need to talk to the insurer tomorrow to find out what’s going on!

Edited January 30, 20206 yr by Triassic

After a bit of haggling I’ve got my insurance quote for twelve months covers down to £1291.

 

How-come the price doubles when you renew? 

20 minutes ago, Triassic said:

After a bit of haggling I’ve got my insurance quote for twelve months covers down to £1291.

 

How-come the price doubles when you renew? 

 

Because with self build insurance they know that you are pretty much tied in so the renewal price shoots up. Self build always takes longer than you think generally so it's always worth taking out an initial policy for longer than planned (think they provide policies of 24 months or even longer). I got caught in this trap (my policy was 18 months) but luckily all of the main structural was complete so I swapped it to a 'normal' buildings insurance policy (albeit for more money than a normal one given the stage of the build).

14 minutes ago, newhome said:

I got caught in this trap (my policy was 18 months) but luckily all of the main structural was complete so I swapped it to a 'normal' buildings insurance policy

@newhome Interesting! How did that discussion go with the insurer? Who was the insurer?

 

I initially insured the place for 24 months, assuming I'd be finished by now! I've started first fix and have a "we will be in by Christmas" deadline being imposed on me by the wife.

 

Ive just had a call back from Protek Insurance and they will do twelve months for £950.

 

 

I have had my self build insurance running for 4 years now, renewing for just a small increase, just over £500 last year.

 

Due again in May but hoping to try and move ordinary insurance this time.

1 minute ago, Triassic said:

Interesting! How did that discussion go with the insurer? Who was the insurer?

 

 

When I say 'swapped' I meant I took out a new policy with a different insurer. I went through a broker and explained the stage that the work was at and what was left to do. I ended up with a 'normal' buildings insurance policy (it was with the Halifax) but with a bunch of extra information about the house and the building work added to it that I had declared when I went through the policy details. It was a long time ago though and whilst I know that others have managed to get similar policies I don't think they are much cheaper than self build insurance policies these days. Mine cost circa £450 I think. 

 

On 31/01/2020 at 14:39, ProDave said:

I have had my self build insurance running for 4 years now, renewing for just a small increase, just over £500 last year.

 

Due again in May but hoping to try and move ordinary insurance this time.

Dave who was it you insured with - you seem to be getting the cheapest numbers I seen on here (albeit was last year) and keen to see who it is. I've avoided getting it till now (starting next week) but the £2200 for 24months is making me upset, I may reduce to 18 months, but is it really worth it (£1700) 

9 hours ago, SuperJohnG said:

Dave who was it you insured with - you seem to be getting the cheapest numbers I seen on here (albeit was last year) and keen to see who it is. I've avoided getting it till now (starting next week) but the £2200 for 24months is making me upset, I may reduce to 18 months, but is it really worth it (£1700) 

No I renewed my self build insurance once more.  the only quote I got from anyone for "normal" insurance was >£500 and more than renewing the self build policy.

 

Now i have a temporary habitation certificate and I can say with a straight face the house is finished apart from the sun room, I will try again shortly.

4 hours ago, ProDave said:

No I renewed my self build insurance once more.  the only quote I got from anyone for "normal" insurance was >£500 and more than renewing the self build policy.

 

Now i have a temporary habitation certificate and I can say with a straight face the house is finished apart from the sun room, I will try again shortly.

Sorry @ProDave I meant your self build insurer - as the prices seemed cheap(er!). Protek are my cheapest at the moment.