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How much to insure a house rebuild for?

  • 29-10-2013 10:59pm
    #1
    uberalles
    Registered Users, Registered Users 2 Posts: 836 ✭✭✭


    Hi,

    The house purchase price is 260
    BOI say to insure it for 185, no point in higher.
    Their Mortgage is for 192

    They did send in their accessor and he must have said thats the max rebuild costs. No point insuring any higher.

    Note they are not the insurers so It seems like impartial advice.

    Is this true? If i insure for 200, no insurer will pay 200 to rebuild to a higher spec for example on an 80s house?

    You opinion?


Comments

  • #2
    Doop
    Registered Users, Registered Users 2 Posts: 1,479 ✭✭✭Doop


    SCSI rebuild calculator http://www.scsi.ie/about_us/rebuildcalculator
    If i insure for 200, no insurer will pay 200 to rebuild to a higher spec for example on an 80s house?
    You cant over insure your house with the idea of rebuilding a higher spec. It would be built according to current building regulations (not 80's) so would be new for old.

    Principles of insurance... http://www.iba.ie/index.php?option=com_content&view=article&id=76&Itemid=597


  • #3
    kkelliher
    Registered Users, Registered Users 2 Posts: 1,583 ✭✭✭kkelliher


    uberalles wrote: »
    Hi,

    The house purchase price is 260
    BOI say to insure it for 185, no point in higher.
    Their Mortgage is for 192

    They did send in their accessor and he must have said thats the max rebuild costs. No point insuring any higher.

    Note they are not the insurers so It seems like impartial advice.

    Is this true? If i insure for 200, no insurer will pay 200 to rebuild to a higher spec for example on an 80s house?

    You opinion?

    To start the value of your mortgage or the sale price of the house has nothing to do with insurance or the rebuild value of the property.

    The cost of rebuilding your home as it is finished today is what you need to insure. As per previous poster the scs have a spreadsheet which will give you an idea of the min value you should insure for


  • #4
    L1011
    Registered Users, Registered Users 2 Posts: 71,120 ✭✭✭✭L1011


    uberalles wrote: »
    Is this true? If i insure for 200, no insurer will pay 200 to rebuild to a higher spec for example on an 80s house?

    No, because this would create a reason why people would deliberately damage / destroy their house. New for old with any changes in building regulations - and that only because they can't rebuild to the old ones.

    Your rebuild cost and mortgage/purchase price are unrelated. The rebuild cost BOI required me to insure to was 20% higher than I paid for the house and nearly a third more than the mortgage. In a huge amount of areas property is selling for far less than its construction cost at this stage.


  • #5
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    The advise to use the SCSI rebuild calculator is the best. However I don't believe this accounts for finish or site clearance costs so Id always use what the SCSI rebuild cost is and then add the appropriate amount for finishes depending on what you have.

    A lot of people think that things like their kitchen, floors, built in wardrobes etc are covered under contents insurance, but they are not generally.

    As my insurance company said to me in simplistic terms if you would/could remove it when selling then its contents if you cant then its part of the building insurance.


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