# How can I assess the rebuilding cost of my home for insurance purposes



## trekie

can anyone tell me is there anywhere online that i can find out what the rebuilding cost of my home would be so i may insure it for the correct amount..i live in an average three bed semi in dublin


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## RainyDay

See [broken link removed]. I think I heard Axa mentioning that they had something on their website for this also.


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## ClubMan

You can estimate it using the _SCS _guide (bear in mind the footnotes/caveats in the guide) but for a more accurate reinstatement/rebuilding valuation you would need a valuation survey.


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## Lorz

On a related note - does the rebuild cost have to be equal to or greater than the mortgage amount?


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## ClubMan

The rebuilding cost is unrelated to the market value and the outstanding mortgage amount. Perhaps you are getting confused with mortgage protection life assurance which repays the mortgage in the event of the death of the mortgage holder?


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## ribena

I think a lot of people get confused when they go to insure their house.  The re-instatemet value of your house is nothing to do with the actual value of the house you're living in, it's the amount it would cost to rebuild your house if it were destroyed.  You have to remember that you have the site so it's just a case of calculating how much it would cost to rebuild the same house.  It's generally between €85 and €130 per sq. ft. depending on what part of the country you are in.  FBD have a very good caculator on their website under Quick Quote called a  which should help you.


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## Lorz

Thanks for that.  I have factured the value of the site into the rebuild costs but its also important to factor in the removal of the debris and any supports needed if the property is not detached.  I wasn't confusing the life assurance, I just thought that perhaps the rebuild would have to be min of value of mortgage.  Thanks for clarifying.


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## ClubMan

ribena said:
			
		

> FBD have a very good caculator on their website under Quick Quote called a  which should help you.


 The _FBD _calculator and many other similar online forms is based on the _SCS _figures.


			
				Lorz said:
			
		

> Thanks for that. I have factured the value of the site into the rebuild costs but its also important to factor in the removal of the debris and any supports needed if the property is not detached.


 Yes - the _SCS _figures should have factored in costs/issues such as this and professional fees etc. As I say the _SCS _guide is useful for getting a ballpark figure in many cases. However you might want to build in some slack without overinsuring to a ridiculous extent. Also, if in doubt a professional valuation survey might be in order. At least that can be used as a guideline for indexing based on (construction industry) inflation in future years rather than doing it every year!


> I just thought that perhaps the rebuild would have to be min of value of mortgage.


No.


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## someanne

is there any update on the rebuilding guide? a 2007 version?

S.


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## ClubMan

It's usually updated around September of each year. If your insurance is up for renewal then use the latest one and build in some margin for (construction and related industry) inflation.


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## someanne

i don't know the current rebuild cost - is there a guide?


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## ClubMan

Do you understand what this thread is about and have you read it from the start?  You just asked about the ready reckoner which is what you use to roughly estimate your rebuilding cost for insurance purposes...


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## someanne

oh yes sorry for not saying, it keeps stalling on me

i meant to ask if there was another guide

S.

*its ok opend IE and did it there


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## redstar

Up-to-date link to SCS Rebuilding Cost Guide (May 2008)


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## noobie99

That link is dead  and no sign of similar on the site. Does anyone have a recent link to similar?


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## Canny39

ribena said:


> I think a lot of people get confused when they go to insure their house.  The re-instatemet value of your house is nothing to do with the actual value of the house you're living in, it's the amount it would cost to rebuild your house if it were destroyed.  You have to remember that you have the site so it's just a case of calculating how much it would cost to rebuild the same house.  It's generally between €85 and €130 per sq. ft. depending on what part of the country you are in.  FBD have a very good caculator on their website under Quick Quote called a  which should help you.



This one is active.


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## bottle

I was recently informed by my broker that the rebuild value for North Co. Dublin is €142.00 / sq ft.


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## pj111

[broken link removed]


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## tweety76

Am looking to renew the house insurance and am wondering is there any further update in relation to calculators for rebuilding costs for 2011?
House rebuilding value was insured for 272 in 2010 , but the houses are now actually selling for 200k max !


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## Patrick2008

The average rebuilding costs for a 3 bed semi-detached house between March 2010 and March 2001 has fallen by 10% and has fallen by over 35% since the peak of 2007. This is according to the Society of Chartered Surveyors Ireland annual house rebuilding costs guide 2011. See www.scsi.ie/publications/digital_publications

Ask your insurance company what the current reinstatement value is for your house in the insurance policy and how this figure was calculated. Also, ask the insurance company what data they are using in order to arrive at the a current reinstatement value e.g SCS guide to house rebuilding costs 2011 (based on current tender prices), Dept of Environment House Construction Index (based on list prices which have not come down despite the downturn) or maybe they have just been using the same reinstatement figure for the past few years.


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