# House insurance renewal - Insurance value



## gabsdot (28 Jun 2009)

We got our house insurance renewal the other day. Last year our house was insured for 320k as that was the price we could have sold it for. Now we'd probably only get 250k. 
Have rebuilding costs dropped that much? Should we reduce the insurance cover to 250k or keep it higher?


----------



## niceoneted (28 Jun 2009)

Getting your house insured doesn't work in they way I think you are describing ie the house is worth X we should insure it at rebuilding cost of X. The value of a house is not just based on the house itself but on the land it is built on, the location and the market amongst other things. 
You will get a guide to house building costs here http://www.scs.ie/publications/digital_publications
Have a look. Also then get a comprehensive list of contents together so you can make a fairly accurate amount for the contents which is another thing to consider.


----------



## onq (28 Jun 2009)

I'll second what niceoneted says and note the following; -

House insurance works for you if the value of rebuilding is exceeded by the amount covered by the policy - under insurance works against you.
The amount of cover may or may not include contents but should always reflect the fair cost of re-building the house.
More importantly, it should also include for the costs of; -

demolition
clearing the site
new foundations if required
professional fees
old for new
The last item means building to current standards, not just because of the high requirements of today's building regulations, but also because older features or materials may be hard to come by or match today - types of stone or brick for example.
It is advisable to consider taking legal advice on whether or not you should take out other forms of insurance for your home too, for example, what if the house goes on fire and it also damages your neighbours house, if you are in a terrace or semi-detached, or even if its detached but close to another property - are you liable?

FWIW

ONQ.


----------



## pavlov (1 Jul 2009)

We live in an end-of-terrace house. Should we be calculating our rebuild costs for house insurance renewal as a terraced house or semi-detached?


----------



## RebelGirrrl (1 Jul 2009)

And do the estimates given on the SCS include these extra costs? I'm trying to find out the exact cost of rebuilding a 3 bed semi in Dundrum. How do you find out the exact measurement of your house & would the estimate given on their website be sufficient? It's a house of average size


----------



## onq (2 Jul 2009)

pavlov said:


> We live in an end-of-terrace house. Should we be calculating our rebuild costs for house insurance renewal as a terraced house or semi-detached?



The below comments are not insurance-specific advice, but outline on matters that could affect the costs to be met by such insurance.
Specialist advice should always be sought in relation to your own property, which is beyond the scope of this comment
Please see other threads which discuss items which should be included in your cover, such as demolitions and carrying away as well as the cost of building professional and legal fees.

"End of terrace" would seem to be the appropriate basis for costings.

That's not intended to be flippant.
Many of the issues arising relate to the age of the property.
To my mind there are a lot of older terraced houses our cities and towns and proportionately fewer semi-detached dwellings of a similar vintage.
I'm talking a century or more old here, and I could stand corrected.
That having been said there are exceptions to the rule and I know of at least two semi-detached "castles" on Strand Road in Killiney.



*FIRE*

Mid terrace houses are at risk from fire from two sides
End of terrace and semi-detached are on the surface similar - one side only.
However, the construction methods in older terraces can differ considerably from newer semi-detached houses.

In particular, where the party wall in semi-detached houses of more recent construction may be assumed to be constructed a firebreak in accordance with Part B of the building regulations [it should be] older terraces may not be so constructed.

Exceptions to the rule [visually apparent exceptions] are houses where the party walls were fully built up and taken above the roof.
Take, for example, some of the red bricks along Donnybrook Road.
This may have been done to prevent spread of fire along the terrace at some point.
If memory serves me right, this was an approved method under the old Proposed Draft Building Regulations, but I could stand corrected.
Current practice is detailed in the Technical Guidance Document for Part B of the building regulations dated March 2006;-

http://www.environ.ie/en/Publicatio...ng/BuildingStandards/FileDownLoad,1640,en.pdf

Diagram 13 P.81 refers and this was preceded by a similar requirement in Part B 1997.

Notice the eaves firestopping also.

Both semi-d's and terraces not built with one or other detail [party wall taken above the roof or full firestopping] may be at significant risk of fire spread from the adjoining property and may themselves pose a significant risk.

Given the known path of fire spread along older terraces and semi-d's through the attic spaces along eaves, and along the battens where they are continuous above party walls, all terraces and semi-d's should be inspected by their occupants to ascertain the risk.

I'm surprised that this hasn't been made mandatory before now or that no government department has been assigned the task, although again, I could stand corrected on this.
I suppose this raises thorny legal issues of who would bear the cost for this upgrading.

*PROPPING & SUPPORT*

Older terraces may have timbers  built into walls which can compromise neighbouring properties if a collapse occurs.
Current practice uses hangers to avoid generating overturning moments in the wall of the floor collapses
Propping may be more significant in any rebuild after collapse.
Propping may also be required if extensive new works or renovations are intended to be undertaken to a terraced dwelling.
In some of these the floors along the terrace all all that provide lateral support to the party walls - Georgian Houses for example.

If subsoil problems arise, older terraces may be discovered to have poor or no foundations.
Ensuring support is maintained during the works may be required, for example, while underpinning walls, etc.

Sometimes [in centre city properties in Dublin for example] the condition of an adjoining property may be so poor that works undertaken alongside it may cause unknown damage.

In such a case the contractor may be asked to get non-negligence cover in addition to his standard insurances and this would be an exceptional cost possibly not covered by the insurance.

*Services and Drainage*

Many of the these may be conjoined or run along the rear yards of houses.
The drains are more likely to be a Combined Drain than Separate Foul and Surface Water.
Existing service pipes, conduits and cables may not have been renewed previously and/or recently and may require such works in the near future.

In the case of the three main utilities, you should have them checked by competent persons [mechanical and electrical consulting engineer] and assess their condition.
Special care may be required when working on these older properties and this will tend to raise costs.

FWIW

ONQ


----------



## pavlov (2 Jul 2009)

Thanks ONQ. There's a lot to consider there. It's not so straight forward even when you check out the guidelines from the SCS... Will have to do a bit more investigation.
Go raibh maith agat arís,
P


----------



## onq (2 Jul 2009)

pavlov said:


> Thanks ONQ. There's a lot to consider there. It's not so straight forward even when you check out the guidelines from the SCS... Will have to do a bit more investigation.
> Go raibh maith agat arís,
> P



You're very welcome but to cut through all the distraction, talk to a good insurance agent.

Rarer than hen's teeth perhaps, but if you find one he will find a product that's tailored for you.

Richardson Insurances [123.ie] seem ot offer competitive quotations.

You'll see them mentioned in one or two threads here.

No relation, principal a former client of mine.

Haven't been insured with them though.

FWIW

ONQ


----------



## berkeley (2 Jul 2009)

Hi all,
New to this but thought I'd share my experience.

Got my renewal and it had gone up from €300 to over €500 without any claims etc. Checked online and got lots of quotes cheaper than the renewal - even from my current insurer.
One quote was less than half my renewal so I rang the current crowd to see if they could give me a valid explanation for the increase. 
Other than "premiums went up" they couldn't justify the increase and offered a paltry 10% off.

Needless to say I went with the half price one. It pays to shop around.


----------

