Naturesave Buildings Insurance premiums are calculated on the amount it would cost to rebuild your house. This is sometimes referred to as the reinstatement value. This is different from the market value of your property.
If you have a mortgage, the valuation survey will usually state the value they wish the property to be insured for. If you are unsure of the reinstatement value of your house, you can calculate it by using the calculator on the BCIS website at ABI / BCIS Residential Rebuilding Costs.
Alternatively, you ask a reputable builder or surveyor to estimate the rebuild cost for you. It is important that you do not underinsure your property as this could lead to proportionate claims settlement. Any estimate of the rebuilding/reinstatement cost should be obtained in writing.
