Re build value for house insurance

mellows

Hello

Last year I brought a house for 195000 on a half acre site it's 1400 square foot. When I was getting my house insurance I put down rebuild for 195000 this is too high. I was thinking of putting the rebuild for 17000 this year. I read on another thread someone got hassle of the bank for having there rebuild valve too low. Any advice welcome. Thanks

rameire

when you bought your house, I presume you got a valuation report done on it,
on the valuation report there should be a reinstatement cost, this is the rebuild value.

kkelliher

Assume property is based in Galway, detached 4 bedroom bungalow.

The minimum cost you should insure it is €170,000 which takes no account of outbuildings, garages, built in wardrobes, timber floors, fences, gates, boundary walls, alarm systems or higher than average kitchen fittings

www.scsi.ie has a guide on rebuilding. I would think your origina figure is not far off the mark in terms of what you should be insuring for

skippy2

Also remember if you paid a total of 195K this includes the cost of the site. You do not need to insure the site
As suggested use the SCSI website as a guide and adjust accordingly for fittings etc