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home insurance

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  • 03-09-2020 6:20pm
    #1
    cubatahavana
    Registered Users Posts: 991 ✭✭✭


    Probably this has been asked before. Buying a 4 bed semi new build. will I need to insure the house for its full market value?


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    #2
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    cubatahavana wrote: »
    Probably this has been asked before. Buying a 4 bed semi new build. will I need to insure the house for its full market value?

    No, you insure for the rebuild cost, not market value.


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    #3
    cubatahavana
    Registered Users Posts: 991 ✭✭✭cubatahavana


    Dav010 wrote: »
    No, you insure for the rebuild cost, not market value.

    And how do you calculate the rebuild cost?


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    #4
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    cubatahavana wrote: »
    And how do you calculate the rebuild cost?

    https://www.olsarchitects.ie/journal/2019/building-costs-in-ireland


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    #5
    woodchuck
    Registered Users Posts: 15,411 ✭✭✭✭woodchuck


    cubatahavana wrote: »
    And how do you calculate the rebuild cost?

    It should be on the valuation report from the bank.


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    #6
    Borzoi
    Registered Users Posts: 2,876 ✭✭✭Borzoi


    cubatahavana wrote: »
    And how do you calculate the rebuild cost?

    The Society of charted surveyors have a guide on their website to calculating it

    SCSI.ie


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    #7
    L1011
    Registered Users Posts: 68,782 ✭✭✭✭L1011


    The bank valuer may give a minimum value; and if that's higher than the SCSI its what you have to insure for. It can be higher than the market value depending on what/where/when you are buying; in my case it was nearly 50% higher but that was quite some time ago.


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    #8
    cubatahavana
    Registered Users Posts: 991 ✭✭✭cubatahavana


    Thanks a lot! Food for though


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