Home Insurance Estimation

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Sweet Pea

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I am unfortunately fairly clueless about house insurance. I am currently with the AA and my renewal has come up at €722 (through RSA). I think I have been insuring the house for close to market value rather than the rebuilding costs. I have looked on the SCSI website at the rebuilding calculator but as our house is not a standard 3 or 4 bed, it won't let me input the details.

I am planning on asking a surveyor to have a look at the house at some stage this year to get an accurate rebuilding valuation (finances are delaying this currently) but in the meantime, I'd like to get some sort of idea what I should be insuring it for as my renewal is due in a couple of weeks?

- am I correct in saying rebuilding costs are €2000 per square metre?

Our house is a two bed detached. We use the 'sunroom' as a bedroom and we have a third story attic level which we also use as a bedroom. However, if we were to sell the house, it would be classed as a two bed.

It's 222.7 sq meters. So should I take the rebuilding costs as €454,000 approx?

Also, has anyone any advice on cheaper brokers than the AA (I have car insurance and membership with them also so get a discount on the home insurance).

Many thanks
SP
 
Sweet Pea said:
I have looked on the SCSI website at the rebuilding calculator but as our house is not a standard 3 or 4 bed, it won't let me input the details.
Click to expand...
Focus on floor area, number of floors and your lication to get a better estimate than anyone here can provide. The actual number of bedrooms won't really affect rebuild costs.
 
For clarity, the sum insured for your buildings is the cost of reinstatement and not the market value of the property.

You work out your value on the basis of a worst case scenario e.g. while you are out shopping the house is hit by lightning and everything is destroyed.

Do not forget various additional elements such as outhouses, garages, boundary walls, any non-standard fixtures and fittings of a high value. You would be surprised at how it all mounts up.

Be careful to be sure about whether you have accidental cover or not.

If you have a surveyor calling for whatever reason get them to also give you a current valuation on the property while you are at it so that you have a good reference point for residential property tax.
 
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