Hello,
I was just wondering what figure most of you use for the insurance on your IPs - the purchase price or the cost of rebuilding? I have come across a calculator on many insurers websites that calculates the costs of rebuilding but I was under the impression that most just used the purchase price of the property.
For us, the purchase cost is about half the rebuild cost they are claiming, so not sure which one I should use. Is this just some money making trick by the insurance companies to inflate their premiums?
Thanks
I was just wondering what figure most of you use for the insurance on your IPs - the purchase price or the cost of rebuilding? I have come across a calculator on many insurers websites that calculates the costs of rebuilding but I was under the impression that most just used the purchase price of the property.
For us, the purchase cost is about half the rebuild cost they are claiming, so not sure which one I should use. Is this just some money making trick by the insurance companies to inflate their premiums?
Thanks