Excessive Rebuild value

D

deem

Registered User
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We are currently purchasing a new build house in westmeath, its costing 217,500, we paid for the valuation ourselves, and the rebuild value has come back as 200,000. Is this not very high?

do we have any option to use an alternative value for insurance. I know mortgage requires ins to be rebuild value of valuation, its just that it appears much higher than any other for similar value house.

sisters house in portarlington, 12 months old, cost 205,000 and her rebuild value is only 155,000. they are both similar houses, 3 bed semi, approx 890 sq foot
 
The difference in insurance premia for rebuild costs of 200k versus 155k will be negligible if at all. Verify this by using the online quote facility in [broken link removed]. While I have my house insurance with these and have always found them efficient to deal with I have no connection with them.
 
The lender will require that you insure for at least whatever reinstatement cost their surveyor comes up with. In this case if this is your surveyor's figure then this is the figure that you need to work with unless (a) the lender agrees that it is excessive and (b) the surveyor may have overinflated it. Be careful over over or, more importantly, under insuring though.
 
Agree with other posts - rebuilt cost variation will have minimal impact on insurance premium cost. The differences quoted are higher than expected to include potential site clearance cost if say burned to the ground.
 
thanks for those, didn't think of site clearing costs, our house is in middle and sisters at end of a row, or the architects fees, will just have to go with valuation then.
 
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