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House insurance

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  • 02-02-2012 10:38am
    #1
    BlueIsland
    Registered Users Posts: 487 ✭✭


    Buying new house, contract signed/deposit paid etc. Just getting house insurance sorted- the house is costing 217,000. The valuation is down for a rebuild value of 300,000..getting fairly steep house insurance quotes cos of it. Would that be the norm???


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    #2
    El Weirdo
    Registered Users Posts: 11,647 ✭✭✭✭El Weirdo


    BlueIsland wrote: »
    Buying new house, contract signed/deposit paid etc. Just getting house insurance sorted- the house is costing 217,000. The valuation is down for a rebuild value of 300,000..getting fairly steep house insurance quotes cos of it. Would that be the norm???
    Is what the norm? The rebuild value?

    Sounds about right to me. Bought our house about 18 months ago for 200k and the rebuild value was around the same. We were getting quotes for around €300-400 pa iirc.



    Here's a leaflet from the SCSI you can use for calculating the reinstatement value of the home.


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    #3
    BlueIsland
    Registered Users Posts: 487 ✭✭BlueIsland


    Yeh the rebuild valuation being close on 90,000 more than buying price? quote coming in at around 670pa for insurance!


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    #4
    El Weirdo
    Registered Users Posts: 11,647 ✭✭✭✭El Weirdo


    BlueIsland wrote: »
    Yeh the rebuild valuation being close on 90,000 more than buying price?
    That's to be expected, surely?
    BlueIsland wrote: »
    quote coming in at around 670pa for insurance!
    Ouch. I got mine from 123.ie and they were very reasonable in comparison to others. They then gave me an excellent quote for my motor insurance this year and tacked on a 12% discount too.


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    #5
    BlueIsland
    Registered Users Posts: 487 ✭✭BlueIsland


    El Weirdo wrote: »
    BlueIsland wrote: »
    Yeh the rebuild valuation being close on 90,000 more than buying price?
    That's to be expected, surely?
    BlueIsland wrote: »
    quote coming in at around 670pa for insurance!
    Ouch. I got mine from 123.ie and they were very reasonable in comparison to others. They then gave me an excellent quote for my motor insurance this year and tacked on a 12% discount too.
    Must check them out! Because your house price is relatively similar but insurance double the price


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    #6
    El Weirdo
    Registered Users Posts: 11,647 ✭✭✭✭El Weirdo


    BlueIsland wrote: »
    Must check them out! Because your house price is relatively similar but insurance double the price
    Do. Just checked there and I paid €337 last year.

    Although I believe that insurance has gone up in price since so I'm expecting it to be a bit more this year.


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    #7
    i71jskz5xu42pb
    Closed Accounts Posts: 1,806 ✭✭✭i71jskz5xu42pb


    BlueIsland wrote: »
    The valuation is down for a rebuild value of 300,000..getting fairly steep house insurance quotes cos of it. Would that be the norm???

    This is what I use when renewing my house insurance

    SCS Guide to House Rebuilding Costs 2011


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    #8
    asomeday
    Registered Users Posts: 83 ✭✭asomeday


    El Weirdo wrote: »
    BlueIsland wrote: »
    Must check them out! Because your house price is relatively similar but insurance double the price
    Do. Just checked there and I paid €337 last year.

    Although I believe that insurance has gone up in price since so I'm expecting it to be a bit more this year.

    I work in insurance & have these nuggets of information for you:

    House insurance varies by county,so two people in exact same size house in different parts of the country could have completely different quotes.

    Often the benefits of the policy from a budget provider don't match those for a slightly more expensive provider-particularly when it comes to claims relating to escape of liquids so BEWARE & read your policy documents with a fine toothed comb

    There is a guide on the chartered surveyors website which will show predicted rebuild costs-don't overestimate greatly as you'll pay over the odds.

    Again remember that your rebuild cost includes:fitted kitchens,wardrobes,bathroom suite & tiles:your contents are the things you would bring with you if you moved out tomorrow

    Hope this helps


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