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Should I increase sum assured on home insurance?

  • 05-07-2018 4:40pm
    #1
    laotg
    Registered Users Posts: 130 ✭✭


    Hi there. Just got renewal for my house insurance today. I'm going to use fictional figures for ease.

    Bought the house in 2012 for 100k. Insured it for the same.

    Here we are in 2018 now and an identical house on the road has sold for 150k.

    Should I be increasing my sum assured to that? Is there any way of ever knowing what it would cost for me to rebuild if my house burned to the ground?


Comments

  • #2
    van_beano
    Registered Users, Registered Users 2 Posts: 1,345 ✭✭✭van_beano


    Good calculator here

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


  • #3
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,786 ✭✭✭The J Stands for Jay


    laotg wrote: »
    Hi there. Just got renewal for my house insurance today. I'm going to use fictional figures for ease.

    Bought the house in 2012 for 100k. Insured it for the same.

    Here we are in 2018 now and an identical house on the road has sold for 150k.

    Should I be increasing my sum assured to that? Is there any way of ever knowing what it would cost for me to rebuild if my house burned to the ground?

    The value of the house is irrelevant; it should be insured for the cost to rebuild it. The calculator posted above would be the way to check it out.


  • #4
    Thoie
    Registered Users, Registered Users 2 Posts: 6,344 ✭✭✭Thoie


    van_beano wrote: »
    Good calculator here

    https://www.scsi.ie/advice/house_rebuilding_calculator
    McGaggs wrote: »
    The value of the house is irrelevant; it should be insured for the cost to rebuild it. The calculator posted above would be the way to check it out.

    I'm getting a mortgage on a new build, and was advised to get the house insurance in place before drawing down the mortgage. I used the calculator above, and added on about 20k to account for "stuff" (random figure to make it a round number).

    The bank sent their valuer around last week, and the rebuild cost he gave to the bank was 100k more expensive than the SCSI calculator. At this stage I'm too tired to debate it, so I just adjusted the insurance. I'm a bit wary of that calculator now though (though it may equally be the valuer is mad, or there's something "special" about the house that I'm missing).


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