House Insurance - rebuild price

CreativeSen

Thank you in advance for the words of wisdom. Just gone sale agreed and going through the motions of finalizing the purchase. For the sake of research I have started getting house insurance quotes.

How do I find out how much the house would cost to rebuild?

I thought the engineer would detail it in his report but its not there and when I spoke to him on the phone afterwards he didn't have that knowledge.

Pepe LeFrits

It should be on the valuer's report.

CreativeSen

Pepe LeFrits wrote: »

It should be on the valuer's report.

The valuer from the bank?

eringobragh

https://www.scsi.ie/advice/house_rebuilding_calculator

heebusjeebus

The rebuild value will be in the loan pack you get from the bank.
This is probably fed to them from the valuation.

Claw Hammer

Pepe LeFrits wrote: »

It should be on the valuer's report.

Market value and rebuild cost are different. The institute of Quantity Surveyors produce figures for rebuilding. Add in site clearance and allow for the type of property. It costs twice as much to re-instate a protected structure as a standard modern structure. Many banks insist that the rebuild insured sum is the greater of market value of rebuild cost by sq foot..

LirW

The rebuilding calculator gives you a good figure but you should get the number from the bank. Our rebuild price is more than double what we paid for the house, so don't be shocked if it seems high/low.

BrokenArrows

when we bought we had a survey done of the property. as part of this they supplied a rebuild cost.

Pepe LeFrits

Claw Hammer wrote: »

Market value and rebuild cost are different. The institute of Quantity Surveyors produce figures for rebuilding. Add in site clearance and allow for the type of property. It costs twice as much to re-instate a protected structure as a standard modern structure. Many banks insist that the rebuild insured sum is the greater of market value of rebuild cost by sq foot..

Fair enough. My most recent valuation report had a reinstatement value as well as market value.

rsynnott

It may depend on the bank, but AIB definitely require the valuer to provide a rebuild cost as well as a valuation. I'd be surprised if any bank doesn't require this. That number tells them what insurance cover they need, after all.

ted1

rsynnott wrote: »

It may depend on the bank, but AIB definitely require the valuer to provide a rebuild cost as well as a valuation. I'd be surprised if any bank doesn't require this. That number tells them what insurance cover they need, after all.

An estate agent does the valuation, an estate agent hasn't hit the foggiest idea about rebuilding a house that was burnt.

skerry

Just had this done a few weeks back. Had to pick a valuer from the banks panel who provided a reinstatement price to be used for the house insurance. The bank just take his word on that and it should be quoted in his report.

CreativeSen

skerry wrote: »

Just had this done a few weeks back. Had to pick a valuer from the banks panel who provided a reinstatement price to be used for the house insurance. The bank just take his word on that and it should be quoted in his report.

Excellent! That should be done then by now! Will get it from the bank in due course.