House Insurance

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    Hi there,

    Got my house insurance renewal in the post recently, it was over €100 dearer then last year, so i rang the broker to see why.

    I thought it was because our house got robbed but seemingly no, its just because all insurance went up.

    Anyway she told me to make sure that our house wasnt over insured – she said we should check with a builder that the re-build value was accurate in the present market.

    I dont know any builders to ask – how do you all work out the re-build value for your house insurance?

    Its hard to know, house values are much less then they were before but how do we work out re-build value?

    Financial Companion

    Hi Mary, do you know the square footage of your house? That’s how the re:build cost gets calculated. It used to be approximately €160-180 per square foot. So for example, for a 1000 square foot house, you would ensure the buildings for about €160,000 to €180,000. If you know the square metres, just multiply by 10.75 to get square feet. A lot of people think it’s the value of the house but that has nothing to do with it. Some people even use a lower multiple (based on the fact that building costs should be cheaper at the moment) but I wouldn’t drop too far below that. Hope that helps 😉

    Inactive … -Guide.pdf

    A very good info leaflet from the Society of Chartered Surveyors Ireland. Shows you how to calculate your rebuild.

    I have noticed, every year, without fail our house insurance goes up. But then when you look your rebuild is up, your contents is up…and you don’t ask for it to be raised 😕 But when you ring and ask for different amounts for rebuild, contents etc. you will be amazed how much you can save. This practice really annoys me and I’m telling people to check….not just renew. Its happening to a lot of people

    Remember, your rebuild also includes clearing the old site and putting your house back up to how it was. I can’t imagine it should be any higher than houses similar to yours currently on the market. Building costs have come down too.

    Financial Companion

    Yeah, that’s a very good guide leaflet Mummy, especially the "average Clause" that many don’t realise, and also the table with different prices per square foot depending on location and house type. Sometimes it can be forgotten that if a mid-terraced house burned down, it could also cause substantial damage to the houses on either side!


    Ah thanks so much for the replies.

    That has really helped me.

    We are over insured by at least €50k, so hopefully that will make a difference.

    So glad i asked now.

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