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House Insurance

House Insurance

Old Apr 4th 2007, 1:34 am
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Is the insured value of a house in Spain based on rebuild costs rather than re-sale value?
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Old Apr 4th 2007, 2:22 am
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Default Re: House Insurance

Originally Posted by The Oddities
Is the insured value of a house in Spain based on rebuild costs rather than re-sale value?
think they usually go on the m2
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Old Apr 4th 2007, 7:53 am
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Default Re: House Insurance

Originally Posted by The Oddities
Is the insured value of a house in Spain based on rebuild costs rather than re-sale value?

Insurance companies always base the insurance on the rebuild cost because that is what you are insured for.

The rebuild cost has to assume a complete catastrophe which includes tearing the remains down and clearing the site before rebuilding.

The resale price will include the land and the value of that is not included in the value for insurance purposes.

If you insure your house for the resale value you will be paying over the odds.
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