Your policy needs to have enough to cover the cost of rebuilding your home from scratch. This is not the same as the “market price” of your house, which includes the cost of the land your house is built on.
We don’t expect you to have expert knowledge of building costs, so we use the Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors (RICS) to suggest a rebuild amount for you. You can also ask local builders or appoint a surveyor to come to your property to carry out an assessment if you wish.
If you’ve extended your house since you last bought insurance, don’t forget to get an up to date assessment of the rebuild cost, as it will probably have increased. Remember, it is your responsibility to check that the cover limits are enough for your needs.
However, with the majority of our policies, we offer a 'blanket sum insured' for your buildings. This means that rather than us needing to know an exact figure, we'll cover you up to a certain amount, but will only ever pay out what you'd need.