Homeowners underestimating ‘rebuilding’ costs

Roughly nine in ten homes are underestimating the amount of cover they need to account for ‘rebuilding’ costs on their property insurance, estimates show*.

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 – we can help. Contact moneyQuest today.

*Building Cost Information Service, 2023
As with all insurance policies, conditions and exclusions will apply




11 July, 2023

More news

27 November, 2023

A new study* has highlighted that almost two thirds (64%) of mortgage applicants in the UK have stru
With product withdrawals, altering rates and a fast-moving market, there’s no wonder this backdrop, prompted by the ‘mini-Budget’ last Autumn, has caused high levels of stress for mortgage appli

21 November, 2023

It’s no secret that many mortgage holders have had a tough year. Soaring interest rates, on top of
Repossession is a last resort  If you’re worried about your mortgage payments, lenders can help with a payment plan to get you back on your feet. In the first three months of this year, only 750 ho

9 November, 2023

One of the financial responsibilities of homeownership is to protect yourself and your family. Life
Life insurance provides a safety net. A payout can pay off the remaining mortgage balance, ensuring that your loved ones can stay in their home without the burden of mortgage payments  Knowing that