buildings/contents insurance

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AppleSun

Registered User
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hi all, just wondering if you can advise....

do i need to get a valuation done in order to find out how to insure my new property at?

I have looked at 123.ie for example but they don't mention this, however a friend was requested by her bank to have a valuation done for the insurance.

or is there a certain % to be used?

I.e. if house purchase price 1s 430k, what would you insure it for?
 
The insurance value is generally (but not always) based on a certain figure per sqm (about €100 - €125 per sqm) depending on the type of house and where it's located. Remember the site value is not included as this will not be destroyed by fire nor can it be stolen!!

However, if the house is unusual (period property, important facade, mid-terrace and supporting other residences) then the insurance value will increase.

None of the above applies to apartments, they are not insured individually.

The current figures for the sqm rebuilding cost are available on the scs.ie website.
 
yeah i had a look there...
a) they don't have my location
b) they only go up to 1500 sqm approx

mine is over this and isn't in dublin or cork etc... so should i just use the dublin figures for the 1500 sq m house?
 
Rebuilding costs are currently close to if not in excess of market value. Certainly in the Dublin area.

Better to be over insured than under insured.

scs.ie suggest that you may wish to ask a Chartered Quantity Surveyor to prepare a reinstatement assessment.

mf
 
mf1 said:
Rebuilding costs are currently close to if not in excess of market value. Certainly in the Dublin area.
Click to expand...

I thought that was a common mistake to think that the reinstatement value is the same as market value.

Can you explain a bit more?
 
Apple* said:
I.e. if house purchase price 1s 430k, what would you insure it for?
Click to expand...

Rebuilding cost calculation [broken link removed]may help
Figures may be on the low side as they are published by an insurance company. But should give you an idea of cost to which you can add x% to cover yourself.


Note: i have no connection with Hibernian.
 
bacchus said:
I thought that was a common mistake to think that the reinstatement value is the same as market value.
Click to expand...
That's not what mf1 said. Often reinstatement cost is less than the market value but in some cases (e.g. falling house prices and rising construction industry inflation) it could happen that the reinstatement cost is more than the market value.
 
bacchus said:
Rebuilding cost calculation [broken link removed]may help
Figures may be on the low side as they are published by an insurance company.
Click to expand...
The figures used by this and other similar calculators originate from the SCS guide to house rebuilding insurance which is normally updated each year in September/October.

[FONT=Verdana, Arial, Helvetica, sans-serif][broken link removed]

In fact the Hibernian figures look outdated and possibly last year's.
[/FONT]
 
Your mortgage lender will have a minimum reinstatement value required (which will be noted on the orig. valuatin done) and will also want to be noted on the policy - and a letter of indemnity issued.

Make sure that you don't get insurance for less than your lender requires
 
thanks.. acoording to the scs figures.. using the dublin figures(not that the house is in doublin) for 430k house it would be 330k approx. i'll check the original valuation just to be safe.
 
Remember to read the SCS footnotes/caveats and treat their figures as just a rough idea of the reinstatement cost.
 
Just remember in the event of a total loss you will only get the rebuild cost so for e.g
You insure house for €600k & pay premium for 5 yrs, house burns down & rebuild cost is €330k, you only get €330k.
Main point is, its rebuild cost not market value, so a little bit of research could save you a few quid.
 
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