Why Do Online Rebuild Cost Calculators Still Miss the Mark?
Online calculators can be incredibly useful. From working out how much paint you need to decorate a room to counting down the days until your next holiday, they make everyday calculations a little bit easier.
But when it comes to calculating a property's rebuild cost, can you really rely on an online calculator to get it right?
In this episode of Ask Amy's 2-Minute Tuesday, Amy answers a question from Terrence in Great Yarmouth: "Why do online rebuild cost calculators still miss the mark?"
Why aren't online rebuild cost calculators always accurate?
Online rebuild cost calculators can provide a useful starting point, but they generally rely on averages and the information entered by the user.
The difficulty is that properties are rarely average.
Construction methods, building materials, location and individual property features can all influence the cost of rebuilding. A property might have undergone extensions or renovations, feature high-end finishes or include unusual construction elements that a basic calculator cannot fully account for.
These differences can have a significant impact on the rebuild cost needed for buildings insurance.
What costs might an online calculator miss?
Calculating a property's rebuild cost involves more than estimating the cost of bricks, materials and labour.
Other considerations can include:
Demolition and debris removal
Professional fees
VAT, where applicable
Construction cost inflation
Changes to building regulations
If these costs aren't properly accounted for, the resulting estimate may not reflect what it would actually cost to rebuild the property following an insured loss.
Why does an accurate rebuild cost matter?
An inaccurate rebuild cost can lead to a property being underinsured or overinsured.
For brokers, it's an important consideration when reviewing buildings sums insured with clients. For property owners, it can make a substantial difference when making an insurance claim.
A professional rebuild cost assessment considers the individual characteristics of a property, providing a more informed basis for setting the buildings sum insured.
At RebuildCostASSESSMENT.com, our desktop assessments offer a convenient and affordable way to obtain a professional rebuild cost assessment without a site visit, where the property is suitable.
Watch Amy's latest 2-Minute Tuesday
Hear Amy explain why online calculators can miss important details and why a professional assessment is worth considering.
Got a question? Ask Amy
Do you have more questions about rebuild costs or property insurance? Or perhaps something fun and light-hearted?
Email AskAmy@RebuildCostASSESSMENT.com, and Amy might feature your question in the next 2-Minute Tuesday.
Don't risk underinsurance – Get assessed today
With accurate rebuild cost assessments from RebuildCostASSESSMENT.com, you can be confident your home is properly protected.
Need help? Contact us for a quick and easy desktop assessment today.
