Home Revising upwards figures for house rebuild and contents at home insurance renewal

[newseeker1]

Is it advisable that at each renewal of home insurance each year you should call up the insurance company and revise upwards the figures on the policy for

Rebuild cost
Contents value

If so are there any guidelines or recommendation in terms of how much to increase the rebuild cost and contents value by - is there some formula to use?

Thanks

 

[peteb]

Previously yes but not in the current. Generally insurers increase these every year to the tune of about 5%. There is a good chance at this stage, given the recent fall in rebuild costs that you may be overinsured at this point as most people are.

Start from scratch, look on www.scs.ie and in their publications for the rebuilding guide. This will give you a basic rebuild cost per sq foot including professional fees. You then need to factor in any improvements you have made to your house such as solid wood floors, doors, fitted kitchens and wardrobes, etc.

Contents value comes down to your own personal opinion and what you have. Probably best to look at the bigger items round the house - appliances and such - and consider how much it would cost to replace these items now. Then add in all other items such as clothing, furniture, etc.