Home insurance - buildings insured for too much

[johnd]

Got a quote from insurance company today for home insurance. The buildings are insured for almost 75% of what the house is currently valued at. I only moved to them last year because my old insurance company was too expensive. I remember reading that if the house had to be totally rebuild it would cost about 50% of current value considering that the site already exists. Any thoughts appreciated please

 

[Ravima]

YOU are the only person who can make teh decision. You shoudl insure it for the rebuild cost. take into account as well, surveyors/engineers fees, site clearance and the extra per square foot for small jobs. if you want to reduce the sum insured, you can, subject to no objection from lender (if any).

 

[peteb]

check out www.scs.ie. they have the approximate cost per sq ft to rebuild. The figure also includes professional fees such as architects, debris removal, etc. After that you need to factor in any improvements such as fitted kitchens, bathrooms, better quality doors, etc.

 

[Ed054]

Got a quote from insurance company today for home insurance. The buildings are insured for almost 75% of what the house is currently valued at. I only moved to them last year because my old insurance company was too expensive. I remember reading that if the house had to be totally rebuild it would cost about 50% of current value considering that the site already exists. Any thoughts appreciated please

I don't know where you were given that information but please do yourself a favour and ignore it.
You need to find out what the exact sq meter that your house is and using the SCS guide to calculate your sum insured add in for better then standard fittings and you should have your sum insured.

Please also note that the market value and the rebuild cost of your property are totally different things and should not be considered as one and the same.