Looking into renewing home insurance - building & contents.
Say my house was worth 300K last year.
Mortgage company said I needed to insure it for 200K - This would be the cost of rebuilding etc, if it needed building from scratch.
Now house is worth 10% less (if media is to believed), say 270K.
Do I insure the house for 10% less this year, ie, 180K?
Am thinking yes, but would Mortgage company agree?
Do I need to ask them?
Thanks!
Say my house was worth 300K last year.
Mortgage company said I needed to insure it for 200K - This would be the cost of rebuilding etc, if it needed building from scratch.
Now house is worth 10% less (if media is to believed), say 270K.
Do I insure the house for 10% less this year, ie, 180K?
Am thinking yes, but would Mortgage company agree?
Do I need to ask them?
Thanks!