House Rebuild Cost Calculator - Can You Use It?
When it comes to ensuring your home is protected against inaccurate rebuild cost estimates, one essential free (yes, free) tool that can help you here is the house rebuild cost calculator. But what exactly is it, and how can you use it? In this detailed guide, we'll explain everything you need to know about rebuild home cost calculators, including their benefits, how you can use them, and why they can be a great free option for some homeowners.
What is a House Rebuild Cost Calculator?
A house rebuild cost calculator is a free online tool provided by BCIS, it’s designed to give you a rough estimate of the cost of rebuilding your home from scratch, in the unfortunate event of a total loss. This estimate can then be used as a guide when declaring the value to your insurer. Unlike market value, the rebuild cost focuses on the actual expenses needed to reconstruct your home in the event of a total loss. These can include but are not limited to: materials, labour, demolition, and debris removal.
How Does a House Rebuild Cost Calculator Work?
The calculators work by asking you for basic information about your property. Some of the information they may ask for is:
Property Details: Basic information which can include the size of your home/floor area, the number of rooms, number of floors or storeys.
Location Factors: Include your home’s location to account for regional cost variations in materials and labour.
For standard properties, this will give you a good guideline figure for the rebuild cost. But they do have their limitations when assessing some of the factors that will affect the rebuild cost estimate (such as access difficulties to the property if you live down a narrow road or rural area for example.)
To obtain the most accurate rebuild cost estimate, you will need to provide more detailed information on your property. Which can include the total gross external floor area (GEFA) of
your home, the type of materials used, and any special features like custom kitchens or fireplaces. If you’re looking for a more comprehensive assessment with a professional surveyor’s input, a desktop valuation may be a preferable option.
Desktop Valuations for Rebuild Cost Estimates - Why Would You Pay For It when there’s a free option?
Desktop valuations are a more comprehensive and accurate method for obtaining rebuild cost estimates, without the need for an on-site visit. They work by gathering detailed information about your property (additional factors such as access difficulties to the property, construction methods used, high value features etc), cross referencing rebuild cost data and utilising analytical software to calculate an accurate rebuild cost estimate. A qualified surveyor will then review the assessment to ensure its accuracy.
There are several benefits to desktop valuations. They are typically faster than traditional on-site assessments, providing you with quick and accurate estimates - desktop valuations can typically come back in 3 - 5 days. At Don’t Guess, we offer a 2-day priority estimate for urgent requests. As a result of reducing the need for travel, desktop valuations can be more affordable too. As rebuild cost data becomes more comprehensive and technology continues to develop in capabilities and accuracy, desktop valuations continue to provide a precise and reliable rebuild cost estimate.
Can You Trust a House Rebuild Cost Calculator?
While rebuild home cost calculators provide a great starting point and are a useful free tool for some homeowners with standard properties; homeowners should consult with a professional surveyor to get the most accurate estimate. Costs of construction can change frequently due to inflation and geo-politics along with many other factors, which leads us nicely onto the next section.
Common Mistakes to Avoid With Your House Rebuild Cost Calculator
To combat the risk of your home becoming inadequately insured (this includes under or over insured), you should conduct regular reviews of your rebuild cost estimate and periodically engage professional surveyors to provide updated valuations - we recommend obtaining an updated valuation on a yearly basis. This then means necessary adjustments could be made to your insurance policy based on the updated estimates, but as always this will depend on the insurer.
You can also avoid inaccurate estimates by providing as much detailed or accurate information as you can. We know sometimes it’s difficult to remember how much you paid for the extension that was completed 3 years ago (we don’t recommend waiting this long to update your estimate of course..) but try to provide as accurate an estimate as possible. Additionally, not consulting with professional surveyors can lead to inaccurate estimates and insufficient protection.
Conclusion
In conclusion, a house rebuild cost calculator is a valuable tool for some homeowners looking for a guideline rebuild cost estimate who may not have the budget for more comprehensive surveys. At Don’t Guess we offer comprehensive desktop rebuild cost estimates in a simple, user friendly process. We hope that this article has given you awareness of the options available to you to make an informed choice.
*Please note: we are not financial advisers or insurance advisers, so this is not financial advise and is solely for information purposes.
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