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Rebuild Cost for Home Insurance

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  • 14-12-2023 1:40pm
    #1
    kelbal
    Registered Users Posts: 839 ✭✭✭


    Hi guys,

    I'm in the process of buying a house. Its a 5-bed detached house, 300m2, in county Dublin, and I have to start arranging home insurance. Rebuild costs are something that need to be specified. When I go to the scsi.ie website, which is always the recommended source for rebuild costs - they only go as far as 3/4 bed smaller houses. If I use their rebuild costs per square metre of about €2800, I get a rebuild cost of €840,000, which I'm finding it hard to believe. Yes, I know its a fairly big house we're buying, but surely it wouldn't cost as much as €840K to rebuild it? I was thinking more along the lines of €700K as the stated insurance cost for rebuild. Or should I just go with the €2800 per sqm figure?

    Thanks



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    #2
    alexf1
    Registered Users Posts: 137 ✭✭alexf1


    When swapping mortgage recently to a different bank we had to get a building surveyor to inspect the house. He gave us the rebuild costs. They had gone up from 245k to 315k since 2018. Surveyor charged €150, normal 3 bed semi.



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    #3
    sydthebeat
    Subscribers Posts: 41,021 ✭✭✭✭sydthebeat


    The problem with these calculations is that they don't take the economy of scale into account effectively.

    A 100 sq m house in Dublin built for 300k absolutely does not mean a 200 sq m house will cost 600k.

    Something that does have to be accounted for though is the demolition and removal costs, which are not included in new build costings



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    #4
    phormium
    Registered Users Posts: 3,294 ✭✭✭phormium


    Are you getting a mortgage? If so the bank will have a valuer value it and they usually recommend an insurance value which normally goes on the loan offer.

    If you are not getting a mortgage it might even be worth paying for a valuation yourself as proof you insured it accurately at the time should anything happen. The SCSI is a very blunt instrument and gives me a very inaccurate figure, my county isn't even covered and picking the closest just doesn't give a proper indication. I was lucky in that a new house was built in my estate on a long vacant site last year and I knew roughly how much it cost so went with similar.



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    #5
    kelbal
    Registered Users Posts: 839 ✭✭✭kelbal


    Thanks guys, a valuer is coming out as part of getting mortgage, and we did have a surveyor out, so hopefully they'll give me a number.



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