What is the relationship between rebuilding cost and property value?
I would not normally expect to see a higher charge for this second 15,000. Insurers could be rating this particular policy in set bands of cover. Although an extra 15,000 on top of the existing 15,000 was quoted they perhaps were giving automatically more but did not make this clear when quoting the extra cost. There is no relationship between rebuilding costs and property value. With land being so expensive usually you would expect the rebuilding cost to be less than it’s value. However care is needed when insuring older more substantially built properties or of special or unusual construction. Staying with Jim’s father: His car insurance is also with Norwich Union. It costs 450 for a year for a Ford Fiesta that he only does about 30 miles a week in. Is this an age penalty? For a 91 year old driver there will be no way of comparing costs with alternative insurers. Fortunately Norwich Union are willing to continue insuring him – no doubt due to his good driving history and I assume con
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