Loss adjustor puts the property re-build cost to £159,000 against mine of £70,000

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nijjhar
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Hi,

I got four properties insured based upon the sale price in that area. It is a two bedroom property in WN2 4AB Boltonhouse Road, Bickershaw.

Someone gave me quotation based upon the property to be insured at 70,000. The average price of a house in that row is 60,000.

My Insurer Jelf Insurance quoted me based upon 90,000 but when I told them that someone is quoting cheaper, they happily matched with him but at the same price as the other had quoted. That is, 70,000.

Now, one of my tenant had a fire in the kitchen that damaged her cooker and the fire brigade broke windows to quench the fire.

Now, the loss adjuster claims that the house should have been insured for the rebuild cost of 159,000 which is far way the selling prices of the houses.

My insurance Broker is advising me that I should upgrade my insurance to this tune and pay extra premium to do so. I am ready to pay but would it cover his fire claim or not?

Also, if anyone knows how to know the re-build price of the house please?

Shouldn't my Broker and the Insurance company should have refused to do at much lower re-build value or they are just after your money?

What shall I do please? Many of us would be in this trap.
28/08/2015 17:44

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