Brits warned to check prices for building insurance

Wed, 18 Feb 2009

Brits have been warned to ensure they get the best price for their home insurance quotes .

According to research by Confused.com, nearly one in three people believe that the rebuild cost of their property is the same or more than the current value.

The site has launched a new rebuild calculator provided by the Building Cost Information Service (BCIS), which can automatically determine a home's rebuild value using information from customers.

Darren Black, head of home insurance for the website, said: "The fact that one in three consumers considers the rebuild cost to be the same as the market value is unsurprising as it's difficult to calculate, but it could see them paying over the odds, year-on-year."

"The launch of the new easy-to-use BCIS rebuild calculator is designed to empower customers and subsequently enable them to get the most accurate home insurance quotes possible."

Last week, the Post Office stated that people must be aware of the need to purchase finance products such as flood insurance due to adverse weather this month.

Home insurance manager Emma Baunach said that recent events highlighted the importance of having insurance to protect homes and belongings.
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