Home insurance - what are people paying on average?

Got my renewal email from Chill, came in at €587 with the existing insurer Liberty but Chill said they can get it for €335 from Allianz.

I just went on the Allianz website and got it for €245 even though I upped the rebuild and contents. Had to do a double check on the info I put in just in case I had forgotten a 0!!! Hopefully it will stay around this as it is due for renewal in over 30 days which is outside the timeframe they will hold a quote.

House is a 4 bed, built in 2023, rebuild €370k, contents 10% and located in Cork.
 
According to the chartered surveyors calculator the rebuilt costs for our bog standard four bedroom house is approximately €100000 more than the sale value. Could this be correct or am I missing something.
 
W200 said:
According to the chartered surveyors calculator the rebuilt costs for our bog standard four bedroom house is approximately €100000 more than the sale value. Could this be correct or am I missing something.
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Yes, insurers have been warning about confusing the two for some time.
 
W200 said:
According to the chartered surveyors calculator the rebuilt costs for our bog standard four bedroom house is approximately €100000 more than the sale value. Could this be correct or am I missing something.
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Yip cost of labour and materials have skyrocketed since covid.
 
I have been with Allianz for 7 years. I can only recommend them. No major increases yet.
Building is insured up to E 290000 and contents up to E 30000. Renewal this year was E 390. I have a discount of 40 % because I never claimed anything ever.
House was built in 1890- but got major renovations done since. No other insurance in Ireland insures a house which is older than 100 years. They refused me all.
 
W200 said:
Yes I know that all too well but I still find it confusing that it cost more to rebuild a house than the house is worth
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Also worth factoring in site clearance costs as these would not have been an issue day one. Many properties from circa 2008-2013 would have sold for a lot less than they built for when the market collapsed.
 
W200 said:
According to the chartered surveyors calculator the rebuilt costs for our bog standard four bedroom house is approximately €100000 more than the sale value. Could this be correct or am I missing something.
Click to expand...
Can we ask for a bit more info, like the type of house and the sale value and current value
I'm asking as I find it a little confusing, when I go on the SCSI site it's indicating the rebuild cost for my house is around €400K
and if I was to sell it tomorrow I probably would get somewhere in and around the €750K for it

I currently have it insured for a rebuild cost of €400k for a 3 bed semi D 120 sq/m dormer bungalow in Blackrock
and will more then likely up that to €500k at next renewal,
Should I be thinking of insuring it for more ???

SCSI House Rebuild Calculator – Society of Chartered Surveyors Ireland

scsi.ie
 
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There is no real connection between rebuild cost and sale price. A 3 bed semi in Dublin will sell for a lot more than a 3 bed semi in Ballinasloe for example yet the rebuild cost will not be too different, slightly more expensive in Dublin obviously but nothing like the difference in sale price. The site itself costs a lot more in Dublin and rebuild does not require buying a site as it's already there.

Re the rebuild costs at the moment being higher than a sale price as previous poster commented that is the case, my niece wants to buy a house but there are none available where she wants them, she had considered building as there are sites for sale but the building cost is a good bit in excess of what the finished value would be so not worth doing that at the moment. Traditionally here in more rural Ireland it would always be cheaper to build than to buy but that's no longer the way!
 
Given concrete levies,planning fees etc. I'd expect cheaper to buy than build to be the norm going forward.
 
Cervelo said:
I'm asking as I find it a little confusing, when I go on the SCSI site it's indicating the rebuild cost for my house is around €400K
and if I was to sell it tomorrow I probably would get somewhere in and around the €750K for it
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You are insuring against the costs of having to clear and re-build in the event of a fire or other event destroying the building. The value of the site it sits on should not affect that other than if you're in an area with very high land values, builders tend to charge more.

I'm in the opposite situation in that ours is insured for ~50% more than we paid for it 3 years ago as that is what it would cost to rebuild. If I were to insure for purchase price, I'd be in a very bad place should I ever have to make a claim.
 
Hi Cervelo .
My original calculations for the square meter area of the house must have been wrong because a more accurate measurement gives the following results.

Bog standard four bedroom house Kildare
Area = 134 Square meters.
Rebuilt costs as per calculator = €415,000.
Value if sold today = €450,000 - €500,000.
Thanks for your replies.
 
AXA have today quoted me €255 for renewal of a 3 bed bungalow in West Cork. Area ~ 200m, rebuild cost €520K, contents €65K.
 
Detached house - ~ 220sq mtrs - rebuild costs €615,000 , contents € 66,000
Aviva - €610 (renewal)
Zurich - €604 (initial quote to see that others are offering!)

T.B.C...
 
Suzierea said:
Hi just curious on what people are paying on average for house insurance. I got a renewal quote of over 500 euro with axa. I live in a 3 bed semi. Have house alarm.
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It's a meaningless question given the wide variety of underwriting criteria involved that are unlikely to match for any two cases.
 
Got my quote from my current supplier, increase of 25% for the next 12 month period. I have never made a claim.
Will be waving them goodbye when the time comes!
 
AndroidMan said:
Got my quote from my current supplier, increase of 25% for the next 12 month period. I have never made a claim.
Will be waving them goodbye when the time comes!
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Have they bumped up the sum insured amount or is it straight like for like since last year with a higher premium?
 
Like for like. I will challenge them when the actual reneweal comes up, they have sent it a few weeks in advance.
 
AndroidMan said:
Like for like. I will challenge them when the actual reneweal comes up, they have sent it a few weeks in advance.
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Interesting! I thought all insurers had increased sums insured as much as an excuse to charge more as well as the increased building costs! Mine increased both in premium but also sum insured, I brought it back down a bit again as it was overly high.
 
I am surprised at some of the contents valuations. Tv and other white goods would surely be bulk of what needs to be covered. Would they really be north of 50k ?
 
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