Ok Nuttybird,
Guys just a thought as we are all getting ready to insure our lovely property has anyone considered the implications of underinsuring your property against a total rebuild,this is for queenie as well.Just imagine if we insure for a rebuild value of the sum we purchased for,property prices have obviously risen sharply if we insure for lets say eg £40k (purchase price) now the same property is selling for £60K and in another 6 months it will probably be £65k should we not insure for a larger rebuild value.
If anything happens to our developments if we insure for the purchase price we will obviously be left with a similar property costing a lot more.
Basically we have to remember to insure for the current value and not for the value you paid,this figure may also have to be increased every time property prices increase.What do you think?..
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