How do you calculate buildings insurance - Residental and Commercial Mixed Together

Hey there,

I have an apt in a block of three apts - Floors2-4 with the ground floor a commerical unit (bookies). The location is in Dublin 4. It is an old georgian building although the apts etc have been thoroughly modernised.

The value of the 3 apts is approx €2 million (max) and the shop I`m not sure.

Total apt size of the building (excluding common stairwell) is about 205 sq metres and the commerical place is about 80 sq metres. There a yard behind which could hold maybe two cars but theres no structures in it of any value. Lets say total site is worth 3-4 million (max). Its mid terrace so there are similar 4 storey buildings either side.

The buildings insurance is currently at €1.3 million is this sufficient? What percentage of the value typcially should the buildings insurance be?

Any help would be much appreciated.

Re: How do you calculate buildings insurance - Residental and Commercial Mixed Togeth

suggestion: firstly look at www.scs.ie
this web site has a homebuilder rebuilding guide PDF document - this is for private houses and is a guide only. Best option is to employ a qualified professional like an estate agent who can give you both a market valuation and a rebuilding cost for insurance purposes. Over the last few years the cost of building has rocketed but in 2008 this has stopped and is dropping.
Remember if the building is destroyed due to fire, storm etc the site will still be there. Location of the building will have a huge factor on the market value but all building usually cost the same to rebuild. Also bear in mind if the building was damaged due to fire and was unsafe and had to be knocked you will have debris removal costs so factor that into your buildings sum insured cost. If you need any more advice leave me a message. It is worth reviewing the buildings sum insured on a commercial building and any property every five years as most insurance products have index linked increases but this is not going to allow for another celtic tiger increase in building costs.