"MM" wrote
| As I don't need a mortgage and the building is brand new,
| how am I supposed to find out what to insure it for? I
| believe the buildings insurance is normally a lot less
| than the price paid for the property.

In theory it would be the market price of the property less the cost of the
land (plot value). However if the property has been built to a better than
average standard (which would not be fully reflected in market price),
rebuilding costs will be somewhat higher. Also, market price does not take
into account the costs of eg alternative housing for you during
reconstruction.

Unless you expect rebuilding costs to be significantly higher than normal or
you have a very cheap house on a valuable plot, then advising the insurer of
current market value should be reasonably close.

Owain