RICS has launched an online building cost information service (BCIS), which allows people to calculate the cost of rebuilding their house.

The company said this service “will help those renewing their house insurance, which is based on rebuild costs, not the market value of a property”.

Jane Milne from the Association of British Insurers said: "Home buildings insurance is an essential protection, ensuring that life's unexpected emergencies can be managed without incurring debts. But it is vital that the correct rebuilding valuation is used when buying insurance to make sure any claim can be paid in full".

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