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zmm
Guest
Hi we have a 4 bedroom dormer in Roscommon, current mortgage is €130K approx, original build cost 6 years ago was €122K. We insured for €150,000 rebuild cost which we felt was adequate in the current depressed building market, also my brother-in-law is currently building a large 4 bedroom 2 storey house just down the road from us for €160,000. However, the bank queried this insurance amount and felt it was inadequate- they are working from tables that are not relevant to Roscommon though and feature grossly inflated rebuild prices. I checked with scs.ie website also but they only provide quotes for Galway, Cork, Dublin, Limerick, all of which are much more expensive rebuilds than for Roscommon! I also reverted to insurer but they could/would not tell us if insurance was adequate. Bank wants us to write a letter to them asap stating we are happy with current level of insurance.
Queries:
Does anyone know where we can find out what an adequate rebuild cost relevant to our county is?
Do we have to send this letter to the bank, don't like the idea of them forcing us to write letters just to cover them!
Queries:
Does anyone know where we can find out what an adequate rebuild cost relevant to our county is?
Do we have to send this letter to the bank, don't like the idea of them forcing us to write letters just to cover them!