Roughly nine in ten homes have underestimated the amount of cover they need to account for ‘rebuilding’ costs on their property insurance, estimates show1. This is largely because costs have shot up by 18% in a year, resulting in the average three-bed semi-detached home now costing £53,000 more to rebuild than it would have in February 2022.
Material costs have surged, with plasterboard costing 46% more, uPVC windows 49% more and insulation up by 62%. Other price increases include cement (34%), bricks (28%) and a shortage of skilled workers, which has added 5% to project costs.
Don’t leave yourself at risk of being underinsured. Make sure you’re covered for the full rebuild value of your home, I can help.
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1Building Cost Information Service, 2023