Go Back   Askaboutmoney.com > General Financial Issues > Insurance not covered in other forums

Reply
 
Thread Tools
  #1  
Old 15-04-2009, 05:29 PM
Toby Toby is offline
Frequent Poster
 
Posts: 553
Default How to calculate house and contents value for insurance?

We reckon our house value and contents are overestimated on our home insurance policy and its up for renewal. CAn anyone tell me how to calculate the value and contents amount to get covered. We're in Dublin if that makes a difference. Thanks
Reply With Quote
  #2  
Old 15-04-2009, 05:44 PM
MrMan MrMan is offline
Frequent Poster
 
Posts: 1,469
Default Re: How to calculate house and contents value for insurance?

Quote:
Originally Posted by Toby View Post
We reckon our house value and contents are overestimated on our home insurance policy and its up for renewal. CAn anyone tell me how to calculate the value and contents amount to get covered. We're in Dublin if that makes a difference. Thanks
The location wouldn't matter for the contents, but check the www.scs.ie for the reinstatement costs for your house type and your area. It will be broken down as price per foot/metre and apply it to your house. If there is a sizable difference then look for a surveyor to make it official.
Reply With Quote
  #3  
Old 15-04-2009, 06:32 PM
Red Red is offline
Frequent Poster
 
Posts: 277
Default Re: How to calculate house and contents value for insurance?

Make sure you also allow a cost for any high value kitchen units /wardrobe & hard wood floorss etc into the rebuild value.

Normally contents is nominated as a % of the overall rebuild value.
eg 30% content on a rebuild value of 300,000 gives you content cover of approx 90,000
__________________
Red ;)
Reply With Quote
  #4  
Old 15-04-2009, 09:04 PM
Toby Toby is offline
Frequent Poster
 
Posts: 553
Default Re: How to calculate house and contents value for insurance?

Hi, thanks, is 30% the recommended percentage to use then or is it up to you based on the kind of items you own?
Reply With Quote
  #5  
Old 15-04-2009, 09:25 PM
colm5 colm5 is offline
Frequent Poster
 
Location: Cork
Posts: 141
Default Re: How to calculate house and contents value for insurance?

As a note, you should also include demolition costs and site clearing costs in the event of a fire etc..
Reply With Quote
  #6  
Old 15-04-2009, 09:50 PM
Bar101 Bar101 is offline
Frequent Poster
 
Location: Dublin
Posts: 59
Default Re: How to calculate house and contents value for insurance?

Some of the insurers have calculators on their websites to do the calculation for you based on the SCS guidelines. Dublin and the rest of the country do differ.
Try http://www.rsagroup.ie/RebuildingCal...ebuildCost.htm

In general add on cover for sheds, long concrete garden walls, conservatories, garages etc.

However look at your % contents cover closely. 90,000 may well be overkill for a small home. It does have to cover redecoration but ...
Also some contents cover may extend as high as 50% so look closely at your cover.

Overall it is definitely worth reviewing, especially as the cost of house insurance is expected to be up by 10% this year!
Reply With Quote
  #7  
Old 15-04-2009, 09:54 PM
niceoneted niceoneted is offline
Frequent Poster
 
Posts: 1,910
Default Re: How to calculate house and contents value for insurance?

I think contents are a very individual think. I went through every room in my house and did an estimate on all my contents based on them being totally destroyed and having to be replaced. It worked out a lot more than the recommended 30%.
Think of having to replace all your units in the house, kitchen, bedroom, all the contents within them. TV's DVD's, stereo systems, pc's laptops. CD's, all your clothes, beds bed linen, curtains, furniture etc. Depending on the standard of items it could work out to be a lot.
Reply With Quote
  #8  
Old 16-04-2009, 03:41 PM
Ed054 Ed054 is offline
Frequent Poster
 
Location: A little bit so
Posts: 256
Default Re: How to calculate house and contents value for insurance?

I would deal with a lot of fire and storm claims and the one thing that always surprises people is the cost of replacing contents.
In my experience people generally underinsure on their contents.
The easiest thing is underestimating the contents.
Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT +1. The time now is 03:15 PM.