Buildings insurance

[blutopaz]

Hi all

Tried a quick search and can only find answers concerning professional insurance, which i already have and can change to salon cover, so apologies if im asking something already answered somewhere on here....

I cant fill out any quotes on sites as i have no address yet as the shop i am looking to lease does not exist yet.

I am trying to budget my outgoings and need an estimate as to how much its likely to cost me a month, as at the moment i have nothing to go on, and anything is better then nothing

Taking into consideration that different areas, sizes of salons etc vary the cost but roughly how much are we talking for a hair and beauty salon on a buildings insurance? the size of the building is 58.5 sq.m/630 sq.ft

thanks all

 

[lisa lou]

try salon gold they gave me a goo quote xxx

 

[AndyP]

Just ring an insurance broker and ask them for a quote, but a rule you could use is £2 per £1,000 of rebuilding cost. This will over estimate but gice you some idea.

 

[blutopaz]

Just ring an insurance broker and ask them for a quote, but a rule you could use is £2 per £1,000 of rebuilding cost. This will over estimate but gice you some idea.

Thanks Andy, is that talking a month or over the year?

 

[AndyP]

For the year so a building that would cost £100,000 to rebuild is 100 x £2 = £200 in insurance premium. The difficult part is finding out the rebuidling cost !!! Although on a new build they say the mix is 1/3 land 1/3 building cost 1/3 profit so i suggets between 1/3 and 1/2 of the value of the property should be the rebuilding cost but does vary dramatically with lots of different factors. However you do need to know that there is a likely hood that you won't have any control over the buildings insurance if you are leasing, as this will probably be sorted by the landlord and billed to you. This will also mean you have to pay annually as appose to monthly, and also it won't be due when you move in, but when it is due and you will pay a prorata amount when you move in, i.e. if three months left on the policy you would pay 1/4 of the annual premium. To demonstrate how it can vary on one property I pay £120 p.a and another £450 pa. both similar sized buildings.

 

[blutopaz]

thats what i thought but wanted to double check with u,

i say a new build, its not really, as they are dividing their current premises and renting out the newly made shop.

i budgeted 800 for the year to be on the safe side, hoping it would be at least half that, i shall wait and see but thats put me at ease, thanks for ur help, much appreciated :hug: