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Rebuilding cost of house, changing insurer

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  • 24-09-2012 4:09pm
    #1
    phormium
    Registered Users Posts: 3,337 ✭✭✭


    Hi, I have had my insurance through my bank for many years now but they have changed insurer and the renewal notice info showed a serious deterioration in the cover so I have been shopping around.

    I have numerous quotes at this stage but some conflicting info so want to be sure I am not under/over insuring house. My existing policy is for 275k rebuild costs, this figure came from last valuation done by banks valuer who recommended that level of cover for 2,500 dormer bungalow. Now some of the companies I asked for quote tell me I have to go with the Chartered Surveyor's figures even though I am in none of the regions they have examples for and in fact the new build cost locally is at very most €100 sq ft at moment and in fact I would say much less. Even allowing for clearing site etc I still feel I am well covered at 275k, however they say that if anything happens the average clause will kick in if their assessor decides I should have been insured for more. Some companies just asked amount I wanted to insure for, didn't ask area of house, just number of bedrooms, how do these companies decide whether or not I have picked the right amount and if something happened what are they basing assessment on. I am rightly confused at this stage as to how much I should insure for. I was over insured for years as it was based on original valuation when built which is why I got the new valuation done a few years back so bank would let me reduce cover.

    Also the Chartered Surveyors site is pretty limited in descriptions of houses, mine is basically a bungalow with converted attic, velux only, nothing fancy, do I consider it a bungalow or a two storey house?


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