how are premiums calculated?
Premiums for building insurance will be based on the floor area
of your property, the type of building materials required to
rebuild it, geographical area (building costs vary by area) and the
cost of replacing any unusual features.
It is up to you to check that you have
sufficient cover for the rebuilding cost of your property. For
details on how to do this, visit: http://abi.bcis.co.uk/
If you have several years of no claims,
insurers will give you a no claims bonus.
You can also choose to accept a higher
voluntary excess in order to reduce your premium.
Where you live will also have a significant
impact on premiums. Insurers have increasingly sophisticated
methods to gauge the level and cost of claims in your area.
Areas at risk of flooding are particularly vulnerable to higher
premiums or of being rejected altogether.