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House Insurance - rebuild price

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  • 18-09-2017 5:55pm
    #1
    CreativeSen
    Registered Users Posts: 90 ✭✭


    Thank you in advance for the words of wisdom. Just gone sale agreed and going through the motions of finalizing the purchase. For the sake of research I have started getting house insurance quotes.

    How do I find out how much the house would cost to rebuild?

    I thought the engineer would detail it in his report but its not there and when I spoke to him on the phone afterwards he didn't have that knowledge.


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    #2
    Pepe LeFrits
    Users Awaiting Email Confirmation Posts: 15,001 ✭✭✭✭Pepe LeFrits


    It should be on the valuer's report.


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    #3
    CreativeSen
    Registered Users Posts: 90 ✭✭CreativeSen


    Pepe LeFrits wrote: »
    It should be on the valuer's report.

    The valuer from the bank?


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    #4
    eringobragh
    Registered Users Posts: 3,668 ✭✭✭eringobragh


    https://www.scsi.ie/advice/house_rebuilding_calculator


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    #5
    heebusjeebus
    Registered Users Posts: 3,783 ✭✭✭heebusjeebus


    The rebuild value will be in the loan pack you get from the bank.
    This is probably fed to them from the valuation.


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    #6
    Claw Hammer
    Registered Users Posts: 6,238 ✭✭✭Claw Hammer


    Pepe LeFrits wrote: »
    It should be on the valuer's report.

    Market value and rebuild cost are different. The institute of Quantity Surveyors produce figures for rebuilding. Add in site clearance and allow for the type of property. It costs twice as much to re-instate a protected structure as a standard modern structure. Many banks insist that the rebuild insured sum is the greater of market value of rebuild cost by sq foot..


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    #7
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    The rebuilding calculator gives you a good figure but you should get the number from the bank. Our rebuild price is more than double what we paid for the house, so don't be shocked if it seems high/low.


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    #8
    BrokenArrows
    Registered Users Posts: 7,498 ✭✭✭BrokenArrows


    when we bought we had a survey done of the property. as part of this they supplied a rebuild cost.


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    #9
    Pepe LeFrits
    Users Awaiting Email Confirmation Posts: 15,001 ✭✭✭✭Pepe LeFrits


    Claw Hammer wrote: »
    Market value and rebuild cost are different. The institute of Quantity Surveyors produce figures for rebuilding. Add in site clearance and allow for the type of property. It costs twice as much to re-instate a protected structure as a standard modern structure. Many banks insist that the rebuild insured sum is the greater of market value of rebuild cost by sq foot..
    Fair enough. My most recent valuation report had a reinstatement value as well as market value.


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    #10
    rsynnott
    Registered Users Posts: 4,003 ✭✭✭rsynnott


    It may depend on the bank, but AIB definitely require the valuer to provide a rebuild cost as well as a valuation. I'd be surprised if any bank doesn't require this. That number tells them what insurance cover they need, after all.


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    #11
    ted1
    Registered Users Posts: 23,532 ✭✭✭✭ted1


    rsynnott wrote: »
    It may depend on the bank, but AIB definitely require the valuer to provide a rebuild cost as well as a valuation. I'd be surprised if any bank doesn't require this. That number tells them what insurance cover they need, after all.
    An estate agent does the valuation, an estate agent hasn't hit the foggiest idea about rebuilding a house that was burnt.


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    #12
    skerry
    Registered Users Posts: 2,807 ✭✭✭skerry


    Just had this done a few weeks back. Had to pick a valuer from the banks panel who provided a reinstatement price to be used for the house insurance. The bank just take his word on that and it should be quoted in his report.


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    #13
    CreativeSen
    Registered Users Posts: 90 ✭✭CreativeSen


    skerry wrote: »
    Just had this done a few weeks back. Had to pick a valuer from the banks panel who provided a reinstatement price to be used for the house insurance. The bank just take his word on that and it should be quoted in his report.

    Excellent! That should be done then by now! Will get it from the bank in due course. :)


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