How can I assess the rebuilding cost of my home for insurance purposes

Discussion in 'Insurance not covered in other forums' started by trekie, Mar 29, 2006.

  1. trekie

    trekie Guest

    can anyone tell me is there anywhere online that i can find out what the rebuilding cost of my home would be so i may insure it for the correct amount..i live in an average three bed semi in dublin
     
  2. RainyDay

    RainyDay Frequent Poster

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  3. ClubMan

    ClubMan Frequent Poster

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    You can estimate it using the SCS guide (bear in mind the footnotes/caveats in the guide) but for a more accurate reinstatement/rebuilding valuation you would need a valuation survey.
     
  4. Lorz

    Lorz Frequent Poster

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    On a related note - does the rebuild cost have to be equal to or greater than the mortgage amount?
     
  5. ClubMan

    ClubMan Frequent Poster

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    The rebuilding cost is unrelated to the market value and the outstanding mortgage amount. Perhaps you are getting confused with mortgage protection life assurance which repays the mortgage in the event of the death of the mortgage holder?
     
  6. ribena

    ribena Frequent Poster

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    I think a lot of people get confused when they go to insure their house. The re-instatemet value of your house is nothing to do with the actual value of the house you're living in, it's the amount it would cost to rebuild your house if it were destroyed. You have to remember that you have the site so it's just a case of calculating how much it would cost to rebuild the same house. It's generally between €85 and €130 per sq. ft. depending on what part of the country you are in. FBD have a very good caculator on their website under Quick Quote called a Ready Recokoner which should help you.
     
  7. Lorz

    Lorz Frequent Poster

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    Thanks for that. I have factured the value of the site into the rebuild costs but its also important to factor in the removal of the debris and any supports needed if the property is not detached. I wasn't confusing the life assurance, I just thought that perhaps the rebuild would have to be min of value of mortgage. Thanks for clarifying.
     
  8. ClubMan

    ClubMan Frequent Poster

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    The FBD calculator and many other similar online forms is based on the SCS figures.
    Yes - the SCS figures should have factored in costs/issues such as this and professional fees etc. As I say the SCS guide is useful for getting a ballpark figure in many cases. However you might want to build in some slack without overinsuring to a ridiculous extent. Also, if in doubt a professional valuation survey might be in order. At least that can be used as a guideline for indexing based on (construction industry) inflation in future years rather than doing it every year!
    No.
     
  9. someanne

    someanne Registered User

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    is there any update on the rebuilding guide? a 2007 version?

    S.
     
  10. ClubMan

    ClubMan Frequent Poster

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    It's usually updated around September of each year. If your insurance is up for renewal then use the latest one and build in some margin for (construction and related industry) inflation.
     
  11. someanne

    someanne Registered User

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    i don't know the current rebuild cost - is there a guide?
     
  12. ClubMan

    ClubMan Frequent Poster

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    Do you understand what this thread is about and have you read it from the start? :confused: You just asked about the ready reckoner which is what you use to roughly estimate your rebuilding cost for insurance purposes...
     
  13. someanne

    someanne Registered User

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    Last edited: Apr 19, 2007
    oh yes sorry for not saying, it keeps stalling on me

    i meant to ask if there was another guide

    S.

    *its ok opend IE and did it there
     
    Last edited: Apr 19, 2007
  14. redstar

    redstar Frequent Poster

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  15. noobie99

    noobie99 Frequent Poster

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    That link is dead :( and no sign of similar on the site. Does anyone have a recent link to similar?
     
  16. Canny39

    Canny39 Frequent Poster

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    This one is active.
     
  17. bottle

    bottle Frequent Poster

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    I was recently informed by my broker that the rebuild value for North Co. Dublin is €142.00 / sq ft.
     
  18. pj111

    pj111 Frequent Poster

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  19. tweety76

    tweety76 Registered User

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    Am looking to renew the house insurance and am wondering is there any further update in relation to calculators for rebuilding costs for 2011?
    House rebuilding value was insured for 272 in 2010 , but the houses are now actually selling for 200k max !
     
  20. Patrick2008

    Patrick2008 Frequent Poster

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    The average rebuilding costs for a 3 bed semi-detached house between March 2010 and March 2001 has fallen by 10% and has fallen by over 35% since the peak of 2007. This is according to the Society of Chartered Surveyors Ireland annual house rebuilding costs guide 2011. See www.scsi.ie/publications/digital_publications

    Ask your insurance company what the current reinstatement value is for your house in the insurance policy and how this figure was calculated. Also, ask the insurance company what data they are using in order to arrive at the a current reinstatement value e.g SCS guide to house rebuilding costs 2011 (based on current tender prices), Dept of Environment House Construction Index (based on list prices which have not come down despite the downturn) or maybe they have just been using the same reinstatement figure for the past few years.