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House insurance - increased rebuild costs

  • 16-05-2023 12:32pm
    Registered Users Posts: 1,254 ✭✭✭

    Hi, not seen any posts on this, apologies if it's been covered already.

    Got a renewal notice for house insurance and included is a letter basically saying it's probably under insured due to rising building costs.

    It gives an example that is you are insured for 225k and you have a total loss costing 300k, you will only get 225k. Fair enough.

    But, if you have a partial loss of 10k, they will only pay out 7.5k - is this fair enough, or not? This has been widely covered in the media.

    Has anyone used the calculator below and altered their policy as a result, and did the premium go up by much?


  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 68,046 Mod ✭✭✭✭L1011

    The partial payment if total is underinsured is normal, weird as it seems.

    Premium is unlikely to go up by much, think adding 20k rebuild and 5k contents was about 9 euro for me a few years ago. Need to reappraise myself again in a few months when it's due.

  • Registered Users Posts: 2,337 ✭✭✭beachhead

    There is a need to review house insurance every year especially now with construction costs increasing

  • Registered Users Posts: 1,254 ✭✭✭MrCostington


  • Registered Users Posts: 3,062 ✭✭✭Sarn

    The rebuild cost is something I check every year. Our current insurer has automatically increased the rebuild cost for us this year. They have also increased contents and specified items. Our premium has jumped this year by about 20%, but the competitors are also in the same ball park.

    Checking back, our rebuild cost (based on scsi) has increased by 25% since 2020.