I am a landlord of a property which is worth £200,000 approx. When I took out my insurance, the company website defaulted the rebuild value at £170,000, which sounded about right, after all, we don't need to purchase the land again! I have recently put in a claim due to a water leak and the insurance company have told me that I am under insured because the rebuild value should have been £430,000!!!
I have since been told by the insurance company that when I entered the rebuild value, I should have got an independent report on rebuild value which I have since found out costs around £750 for the full report!!
This seems outrageous and time consuming. Shouldn't the insurance company know what the rebuild value should be of a property in my area? Has anyone got any experience similar and what was the outcome as the insurance are only offering my 46% of my claim.
Thanks in advance