Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Rebuild Cost for Home Insurance

  • 14-12-2023 12:40pm
    #1
    kelbal
    Registered Users, Registered Users 2 Posts: 845 ✭✭✭


    Hi guys,

    I'm in the process of buying a house. Its a 5-bed detached house, 300m2, in county Dublin, and I have to start arranging home insurance. Rebuild costs are something that need to be specified. When I go to the scsi.ie website, which is always the recommended source for rebuild costs - they only go as far as 3/4 bed smaller houses. If I use their rebuild costs per square metre of about €2800, I get a rebuild cost of €840,000, which I'm finding it hard to believe. Yes, I know its a fairly big house we're buying, but surely it wouldn't cost as much as €840K to rebuild it? I was thinking more along the lines of €700K as the stated insurance cost for rebuild. Or should I just go with the €2800 per sqm figure?

    Thanks



Comments

  • #2
    alexf1
    Registered Users, Registered Users 2 Posts: 139 ✭✭alexf1


    When swapping mortgage recently to a different bank we had to get a building surveyor to inspect the house. He gave us the rebuild costs. They had gone up from 245k to 315k since 2018. Surveyor charged €150, normal 3 bed semi.



  • #3
    sydthebeat
    Subscribers Posts: 42,171 ✭✭✭✭sydthebeat


    The problem with these calculations is that they don't take the economy of scale into account effectively.

    A 100 sq m house in Dublin built for 300k absolutely does not mean a 200 sq m house will cost 600k.

    Something that does have to be accounted for though is the demolition and removal costs, which are not included in new build costings



  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Are you getting a mortgage? If so the bank will have a valuer value it and they usually recommend an insurance value which normally goes on the loan offer.

    If you are not getting a mortgage it might even be worth paying for a valuation yourself as proof you insured it accurately at the time should anything happen. The SCSI is a very blunt instrument and gives me a very inaccurate figure, my county isn't even covered and picking the closest just doesn't give a proper indication. I was lucky in that a new house was built in my estate on a long vacant site last year and I knew roughly how much it cost so went with similar.



  • #5
    kelbal
    Registered Users, Registered Users 2 Posts: 845 ✭✭✭kelbal


    Thanks guys, a valuer is coming out as part of getting mortgage, and we did have a surveyor out, so hopefully they'll give me a number.



  • #6
    pajoguy
    Registered Users, Registered Users 2 Posts: 850 ✭✭✭pajoguy


    I am in the process of renewing House Insurance at the moment. Renewal came back stating 950k for rebuild of 330 sq m house and 40 sq m garage. I had it at 750k last year which I felt was more than sufficient.



  • Advertisement
  • #7
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    https://www.boards.ie/discussion/comment/122225791#Comment_122225791

    Compare your house square metres and area into the SCSI rebuilding calculator and see what it comes up with.



  • #8
    TheDriver
    Registered Users, Registered Users 2 Posts: 12,682 ✭✭✭✭TheDriver


    https://www.boards.ie/discussion/comment/122225791#Comment_122225791

    My rebuilt cost hasn't gone up a lot but the cost of the insurance has gone up about 40%. Priced around and the renewal quote was the best.



  • #9
    pajoguy
    Registered Users, Registered Users 2 Posts: 850 ✭✭✭pajoguy


    https://www.boards.ie/discussion/comment/122226241#Comment_122226241

    I have done that and its what the insurance renewal came back with. This is a one off house in the countryside so those figures do not apply. They then suggest getting a surveyor to cost it but that is a cost also. When I rang them they said rebuild costs have gone up 25% in the last 12 months alone. I don't think that is right either. Maybe 5-10% but not 25% surely.

    image.png



  • #10
    pajoguy
    Registered Users, Registered Users 2 Posts: 850 ✭✭✭pajoguy


    https://www.boards.ie/discussion/comment/122226250#Comment_122226250

    Yes I priced around also and the existing provider was the best price so I have to stick with them. When I asked them to reduce building costs to 750k from 950k the renewal went from 1050 to 950.



Advertisement