Is it possible to increase the sum I have insured on my home insurance?   

The sum that you have your property insured for is usually based on the typical cost it would be to rebuild your property.  This sum has no reflection on the current market value of your property, your property will continue to increase as the market increases.  The sum which you have your house insured for is only for the purpose of the insurance company and the rebuild cost of the property.

My neighbours property’s building sum insured is more than mine, why?

This could be because your property is slightly smaller than that of your neighbours, or it could be that the mortgage company which your neighbour is with for their mortgage has requested the property be insured for a specific amount.

I insured my property a few years ago, is the property still insured for the right amount?

Usually the insurance company will carry out a revaluation every few years, this ensures that the building sum for which your property is insured remains accurate.  This building sum is also index linked, this means that the sum is increased every year to ensure that it reflects the changes in the building costs.  If you have a mortgage, then some mortgage company’s may ask that a minimum building sum is insured.

So can I change the building sum?

Whilst there is no benefit to over insuring the building that you live in, you can make a request to your insurance company to do so.

There is lots of information online about buildings insurance.  Check out the internet for more information on home insurance and related products.