House Insurance 2014

Gadgetman496

My cover is up for renewal and I know I'm currently excessively covered on both building and contents.

I need to adjust so am wondering what would be adequate in today's climate?


What would be a realistic amount for a average 3 bed detached in Galway City?

Building?

Contents?


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Uriel.

gadgetman496 wrote: »

My cover is up for renewal and I know I'm currently excessively covered on both building and contents.

I need to adjust so am wondering what would be adequate in today's climate?


What would be a realistic amount for a average 3 bed detached in Galway City?

Building?

Contents?


-

Contents is entirely dependent on what you have but I've generally gone with a rule of thumb of 40% of Buildings.

Buildings - probably about €120,000

Gadgetman496

Uriel. wrote: »

Contents is entirely dependent on what you have but I've generally gone with a rule of thumb of 40% of Buildings.

Buildings - probably about €120,000

Thanks for the reply, It's a normal household with nothing special about the contents. I think the rule of thumb you use for contents is a good one & about right too but I think the the going market value on the property is a bit higher than 120,000?. That said, I'm asking the question because I'm not qualified to be any sort of authority in this area and am seeking a bit of average guidance.

I know one thing though, all the quotes I've got seem to recommend 30,000 contents cover and I don't think that's enough to be honest.

L1011

Market value and rebuild costs are not directly related at all - you need to insure the rebuild cost. During the boom this was usually below the market value, whereas I paid significantly less than the surveyed rebuild value for mine.

You can increase contents cover, it doesn't have to be proportional to buildings.

Gadgetman496

MYOB wrote: »

Market value and rebuild costs are not directly related at all - you need to insure the rebuild cost.

Of course, I knew that but wasn't thinking as I should have in that last post All the Insurance company's will pay in the event of a total loss is the rebuild cost anyway, right?

Another thing to bare in mind is that the site is always there even after a total loss and should not be taken into account when evaluating the total overall rebuild cost.

As for the contents? My rule of thumb there is that if you could pick up your house and shake it? anything that falls out is the contents and anything left comes under the rebuild cost (The likes of kitchen, built-in wardrobes etc.).

Is there any average cost per Sq foot that one could use as the current rebuild cost?

The_Conductor

Galway and Cork are blazing the current increases in property price rises, and in increases in the costs of construction- with increases of over twice the levels being experienced in Dublin. For a 3 bed semi in either Galway or Cork- a rebuild valuation of 200k might be more akin to where you should be looking. 50k for contents insurance is probably sufficient though.

Building costs in Galway city and Cork city- are vastly higher than those in Dublin (Dublin costs are only higher because of local authority levies- actual cost of construction are lower).

Gadgetman496

The_Conductor wrote: »

For a 3 bed semi in either Galway or Cork- a rebuild valuation of 200k might be more akin to where you should be looking.

Wow, I wouldn't have thought the rebuild cost would be anywhere near that high now?

That would be Approx €167 per Sq Ft on a small 1200Sq Ft house!

ted1

I'd go with 200k for rebuild costs.
This would suggest less http://www.scsi.ie/about_us/rebuildcalculator

but i would question its accuracy.

Gadgetman496

ted1 wrote: »

I'd go with 200k for rebuild costs.
This would suggest less http://www.scsi.ie/about_us/rebuildcalculator

but i would question its accuracy.

They don't even have the provision for a 3 bed detached in their house type drop down option list. I thought that would be fairly common?

Little Miss Cutie

Hi all,

We are looking for house insurance on our first home, due to sign contracts next week.

I assume we should base the rebuild costs on the valuers report which was €205k?

Sorry if this is a silly question!

L1011

Little Miss Cutie wrote: »

Hi all,

We are looking for house insurance on our first home, due to sign contracts next week.

I assume we should base the rebuild costs on the valuers report which was €205k?

Sorry if this is a silly question!

If you've a mortgage, the bank will likely insist on that being met for the medium term.

rohoso

If 1200 sq ft the current rebuilding cost is x €126 sq ft = €151,200 - add on built in wardrobes, granite worktops, garage etc