Will home insurance get cheaper due to building industry crisis?

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Got renewal quote from my home insurance company (starting in Jan '09) but was wondering should I be looking for a discount due to slowdown in building industry. While prices of materials may have increased surely labour costs have fallen which should lower rebuilidng costs which in turn lowers insurance? Have any other posters got a discount?
 
You set the rebuild value of the house , so that can lowered if you want to risk it.
 
You should try and work out what the insurance value of your home is now - as you say, the rebuild cost has fallen. This is the element of the insurance that has changed. We reckoned it was 50k cheaper to rebuild our house and it worked out at about 70 euro difference. There is a rate somewhere for the cost/sq metre of rebuilding a house, but I don't know where to find it - maybe somebody does?
 
We recently renewed our household insurance. The renewal quotation was quite high. I went to the Chartered Surveyors of Ireland site and calculated the rebuild cost. Based on my calculation and with the approval of hubbie (who is a builder) I reduced the rebuild cost on our policy and saved 200 euro
 
That's the one YOBR, thanks.

As far as I am aware, the rebuild cost is automatically increased on the renewal.
 
yoganmahew said:
As far as I am aware, the rebuild cost is automatically increased on the renewal.
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It is. It is index linked in most cases. You should review the sums insured yourself every year to make sure they are adequate.

Home insurance costs seem to be going up at the moment. Renewals are coming in higher than last year and discretionary discounts are being done away with.

Recession usually brings a higher crime rate and therefore higher instances of claims so I would expect that the trend of renewals being cheaper every year will end. People have come to expect it but it couldn't continue forever unfortunately.
 
You must be aware that insuring your home for 500,000 does not mean that if your home burns down you get half a million, you will only get the rebuild cost based on the criteria people have being outling here. Also, if you do make a claim on your home insurance policy, the policy does not increase the following year unlike car insurance, but your excess may, this will vary from provider to provider. For those who don't understand what excess means, this is the amount deducted from your home insurance calim settlement. ie what you pay yourself for repairs, although it is deducted at source by the insurance provider. Private residential policy holders should rarely exceed an excess of 500 on their policy, only once have I seen an excess greater than 500 for a private residential policy holder. I have a company which carries out an umbrella service on home repairs and insurance claims.
 
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