A new online service has been set up by the Royal Institute of Chartered Surveyors to allow users to work out the costs of rebuilding their homes.

The RICS Building Cost Information Service (BCIS) cost calculator tells you approximately how much it would cost to rebuild your house if it was destroyed by fire or an act of God.

The new service will also help those renewing their house insurance, which is based on rebuild costs, not the market value of a property.

Joe Martin, BCIS director, said: “Many people will find they are paying too little house insurance and some may find they are paying too much. Few people realise that insurance on buildings is driven by construction inflation rather than market prices. Most have ideas about the rebuild costs of their homes which are way out.

Rebuild cost are not always proportionate to size and market value. It is possible that a highly valued, new-build house in Mayfair will need to be insured for less than a Victorian terrace in Bridlington. The cost calculator gives people a starting point to check they are paying the right home insurance.”

Use the BCIS calculator here http://calculator.bcis.co.ukto calculate the rebuilding costs of your home.
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