Request:What figure to put on the house insurance?

cubix

I know most people whould say you can never have enough but I dont want to go over board. ITs a standard 3bed semi in the Dublin area have it insured for €216'000 at the moment. Just curious what other people have theirs for,not contents just rebuilding costs so I can see if I am way under. Is there a website somewhere that will give you an example of what you should have your house insured for going by locality?

Thanks Cubix

delly

There are a couple of websites all right that will give you a figure but I can't recall offhand what they are.

This question may be better answered over in Business / Economy / Finance, but we'll see if we can get an answer here first.

Idleater

Are houses not valued by the insurer and then covered for "rebuild" costs?

This is the mandatory insurance that you are required to have for a mortgage. After that, you can insure the contents for whatever you like.

The Rebuild costs are obviously less than the "market value".

L

Gordon Gekko

See the Axa website and the Society of Chartered Surveyors' website, which I believe is the 'bible' for rebuild costs.

Basically, you just need your square footage multiplied by the figure given in the site above for your region, and maybe add another 5% to be on the safe side.

Your insurer will only pay for the rebuild cost, so if you over-insure you won't get anything above that cost.

cubix

Thanks lads

joemc99

Don’t get stung on the contents insurance either. This is usually a % of the house value, and that was from 7 years ago, but the contects, couch for example, has not gone up at the same rate. When mine was up for renewal, I looked at the actual numbers, and I reduced my contents by €30,000, saved €30 a month. Contents is only the stuff you would bring with you if you move, so don’t include floors, kitchen, etc.

cubix

Cheers Joe;)

esquier

http://www.pigsback.com/offers/162456691/NewHomeiNsuranceCostSurvey.pdf

cubix

Much appreciated Esquier

esquier

That`s Ok, I was checking it out for myself and it seems
FBD are the best bet.

rooferPete

Hi,

Take care to insure at or above the guide rate for your home, there is no point in saying that you can rebuild DIY for €100.00 per sq foot when the rate is €150.00.

In the event of a claim you will find yourself under insured by 33%, guide example :

You insure for €150,000.00

Fire = you claim for full re-building

Loss adjuster estimates the damage at €200,000.00

You do not get paid €150,000.00

You may get €100,000.00

Because you were under insured by roughly 1/3

I can't justify it but it is the way insurance works, so take the high per sq foot figure and add 5 > 10% at least that way you will get enough to meet your needs in a time of need.

.

cubix

Thats who I am with at the moment Esquier,came across them last year and they were easily €40-60 than the other quotes.IT seems like you and me RooferPete are on the same way of thinking;)

Cubix