Insurance on building

[Dolby]

I'm need to insure the building and land only on this house - and I see on the quote they gave me, the value covered almost half of what the the market value.

I queried this and was told I could up it - but what to? How do I determine what is land and buildings spread? Based on square meterage?

 

[thedutchman]

well you must get some go guy from a real estate place, who is certified to give you a number

 

[Dolby]

I have ... but they give a market value of the property as a whole

 

[thedutchman]

well than make something up yourself

 

[Barefoot Billionaire]

I wasn't aware that you could insure the land as well. We usually insure the building only, and use m2 of property x the current cost of rebuilding and refurbishing per m2. Ask anybody in the building industry for the figure (the last time I checked it was about R6 000/m2).

 

[Dolby]

You know everything :/

I meant just building (excluding land and contents). She did say to me R6,000 x sqm - and add walls and swimming pool.

 

[Barefoot Billionaire]

The more mistakes you make, the more you learn (in my case, anyway). I used to be Madam over-insured.