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House Valuation

  • 15-06-2020 8:28pm
    #1
    the-island-man
    Registered Users, Registered Users 2 Posts: 497 ✭✭


    Hi,

    I bought a house last autumn. The rebuild Valuation at the time was ridiculous (apparently due to potential future Brexit related import costs). The rebuild was valued at the sale price of the house + 120k Because of this the cost of my house insurance is higher than expected.

    If I now went to get my house re-valued and the rebuild was cheaper could I get cheaper house insurance without any negative consequences? As in would it have potential to place my mortgage in negative equity?


Comments

  • #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭Graham


    I don't see how getting your house revalued would automatically change the rebuild cost.

    The main risk you're facing is being under-insured if you underestimate the rebuild cost. For example if you insure for a rebuild cost of €240k but the real cost is €360k, you'll only receive two thirds of the cost of reinstating your house.

    Keep in mind there are still more than a few houses around the country that would cost significantly more to reinstate than current market valuations.


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