Home What amount to insure house for now

[Pickle]

Just wondering if people have renewed their house insurance and if so did they reduced from last year, ie if you insured house last year for 250K to rebuild what amount this year maybe 20 % less, so now insured for 200K.
Just have insurance up in next few week and don't want to over insure as proposed to under insure .Not looking for house value just looking for a guide. thanks,

 

[Ravima]

You need to insure for rebuilding cost, not market value. If you feel that you can rebuild for €200K then you can insure for that amount. If you are under insured, then you may suffer average in the event of a claim.

also your mortgage company might not agree with the reduction if it is below the loan amount.