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House Insurance

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  • 11-10-2012 4:11pm
    #1
    firemansammie
    Registered Users Posts: 19 ✭


    Can the bank tell you how much to insure your house for? We put the rebuilding cost lower than what it was in 2006 and the bank will not accept our insurance, surely its our own tough if it costs more to rebuild and we have to foot the bill. Anybody any experience of this?


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    #2
    kkelliher
    Registered Users Posts: 1,583 ✭✭✭kkelliher


    firemansammie wrote: »
    Can the bank tell you how much to insure your house for? We put the rebuilding cost lower than what it was in 2006 and the bank will not accept our insurance, surely its our own tough if it costs more to rebuild and we have to foot the bill. Anybody any experience of this?

    If you have a mortgage then your bank will have an interest in it as security on the loan so they will not want any risk in there not been enough insurance to rebuild in case of a fire etc. they will use the scsi index as a minimum and so should you


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    #3
    phormium
    Registered Users Posts: 3,338 ✭✭✭phormium


    Yes the bank can tell you what to insure for if you have a mortgage and it's not just your tough luck if you can't rebuild for the amount you insure for, the bank hold the house as security so must ensure there is enough to rebuild.


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    #4
    firemansammie
    Registered Users Posts: 19 ✭firemansammie


    When we took out the loan in 2006 it was valued for rebuild at 185, in 2009 we insured the rebuild for 140 in 2010 we put it at 160. I cant find last years policy to see what it was but I dont understand now why 160 wont suffice and why this year its suddenly a problem. I will of course up the insurance to 185 but there is no way my house would cost that to rebuild.


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    #5
    kkelliher
    Registered Users Posts: 1,583 ✭✭✭kkelliher


    you could get a surveyor to do up a rebuild valuation for you and submitt it to the bank and that should suffice


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    #6
    SBA
    Banned (with Prison Access) Posts: 28 ✭SBA


    You could always pop online to www.scsi.ie or to www.selfbuildrates.ie to calculate the actual rebuild value of your home. It is so important to Note that the rebuild value entails the entire cost including demolition and cart away costs, engineers/architect fees and the rebuilding of your house to the exact same design as it was but to current building regulations.
    Building Costs are also on the rise at the moment.


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    #7
    Cork Boy
    Registered Users Posts: 626 ✭✭✭Cork Boy


    EUR130 per square foot is a good rule of thumb for rebuilding sums insured and one that is used industry wide


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    #8
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    firemansammie wrote: »
    Can the bank tell you how much to insure your house for? We put the rebuilding cost lower than what it was in 2006 and the bank will not accept our insurance, surely its our own tough if it costs more to rebuild and we have to foot the bill. Anybody any experience of this?

    Get one of your Bank's Panel Valuers to do a 'drive by' valuation and insure the property for the amount they list as the reinstatement sum. This is the only way to get the bank to agree to accept the home ins figure as they are obviously working off the figure on a previous valuation report and until a valuer tells them it's ok to accept a home ins policy with a lower figure they won't accept your word for it.


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