Good afternoon…
I’ve heard that insuring valuables usually costs about 1-1.5% of their value per year. It got me thinking—does anyone know if there’s a similar rule of thumb for buildings insurance based on the rebuild cost of a property?
I’m trying to get a rough idea of what to expect for home insurance, but I’m not sure how premiums usually match up with the rebuild cost. Any advice or insights would be awesome!
Best wishes…
It’s also a good idea to adjust your housing coverage on a regular basis to account for variations in local building and material costs 
This guarantees that you have sufficient coverage in the event of any loss or damage.
For instance, the replacement cost of a 2,000 square foot home would be $200,0003 if the local rebuilding cost is $100 per square foot.
Make sure your house is covered for at least 80% of its rebuild cost when it comes to buildings insurance, as a general rule of thumb
This is commonly known as the “80% rule.” Your insurer may only pay you for your home’s real cash worth rather than the full replacement cost if your coverage is less than this
Would you want some advice on how to locate the local rebuilding cost in your region, or perhaps more specific instructions on how to calculate this?