If the value of your house goes down does this in turn mean that the reinstatement value of your house goes down? In these times, labour is chaeper therefore it is cheaper to build a house.
I presume that if your reinstatement value decreases, maybe it would result in cheaper house insurance?
Anyone have any ideas?
if reinstatement value is lower than last year, then you can reduce sums insured. however, be sure that your sum insured covers not only the cost of the premises, but add on for removal of debris; further demolition; engineers fees etc.