House and Contents rate calculator

[W200]

Hi.
Just recieved buildings and contents cover renewal. Realised that we have not reviewed the amount of cover in years.
Is anyone aware of an online independent calculator that would give me an idea of cover required.
Thanks
W200

 

[Leo]

The SCSI calculator will give you a sense of rebuild costs, but contents are something you'll need to come up with yourself.

 

[Alkers86]

If you're getting a few quotes anyway, play with the amount covered and you'll normally find it doesn't massively affect the premium once you stay in the same ballpark so get a couple of estimates form the likes of that site and round up slightly to make sure you're covered. Building costs in Dublin at the moment are insane >€2,500 per sq m

 

[W200]

Thanks for the information.
I’m fairly happy with the quote I’ve received but it’s just that I haven’t reviewed my valuation estimates for years.
Many years ago I recall being warned about that dangers of being under or over insured.
Can’t recall exactly what the consequences were.

 

[Leo]

Many years ago I recall being warned about that dangers of being under or over insured.
Can’t recall exactly what the consequences were.

If you are over-insured, you'll pay more than necessary. However, in the event that you need to make a claim, if it is determined that you are underinsured, you will only receive a percentage of your loss. Say they reckon you're only insured at 80%, they will only pay up to 80% of any claim you make even if that claim is for a fraction of the overall insured value.

 

[Slim]

If you are over-insured, you'll pay more than necessary. However, in the event that you need to make a claim, if it is determined that you are underinsured, you will only receive a percentage of your loss. Say they reckon you're only insured at 80%, they will only pay up to 80% of any claim you make even if that claim is for a fraction of the overall insured value.

This is very important. We insured our house for a significant sum but didn't increase the amount annually. When we had a claim a couple of years ago, I was horrified to find that I was underinsured by some 20%. Payout was significantly reduced. Your house should be insured for the cost of site clearance and rebuilding, not the market value.