Towergate Connect hails BCIS rebuilding cost calculator

Towergate Connect said it has witnessed significant business efficiencies since appointing BCIS, the Building Cost Information Service of the Royal Institute of Chartered Surveyors (RICS), to support the way in which it quotes its buildings policies.

Towergate Connect, the specialist property insurance business of Towergate, signed up for the BCIS Rebuilding Cost Calculator to enhance its provision of rebuilding costs to homeowners looking for buildings insurance.

The BCIS rebuilding cost calculator is a tool designed to provide brokers with the accurate rebuilding cost of a residential property.

Andrew Thompson, international development and data director at BCIS said: “Where homeowners cannot provide the rebuilding cost of their home (or the floor area to allow the cost to be calculated), they have had no option but to go for a bedroom rated buildings policy offering capped or unlimited sum insured. Whilst bedroom rated policies can be cost effective, homeowners are missing out on the possibility of a lower priced sum insured based policy.”

Towergate Connect managing director Lewis Hopkins added: “Since adopting the rebuilding cost calculator last September, our advisers have been able to provide guidance on rebuilding costs so that our customers can make an informed decision.

"What is more, since using the calculator our conversion rates have gone up 6%, which is a great return on investment after only six months.”