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Calculating the correct level of buildings cover

Calculating the correct level of buildings cover

To the majority of people your home is your most valuable possession, therefore it is important to insure it is adequately insured. It is essential that you re-assess your level of cover every year, based on current rebuilding costs, particularly in the current climate with rebuilding costs decreasing. Be aware however that the decreasing market value of your house due to the current economic climate should not be used as a guide for insuring your house, as the market value of a property generally has little relationship to the reinstatement value. Therefore insuring your house on this basis may result in your property being underinsured which will lead to you being subject to average clause penalties. Average clause means you will have to pay a certain portion of the reinstatement costs, for example if the sum insured is only 75% of the reinstatement cost, you will only receive 75% of the agreed cost reinstatement, whether the claim is made for partial or total loss.

The Society of Chartered Surveyors Ireland provides annual building rates based on the square foot of your property, allowing you to estimate the current rebuild value of your property which can be seen on www.scs.ie .

Talk to us in DoyleMahon if you would like to save money on your house insurance and ensure you have the right cover in place. We are the property insurance specialists and we can quote for all risks inlcuding:

Listed buildings
Unoccupied Properties
High Value Homes
Mixed Use Properties
Estates
Apartment Blocks
Management Companies

Please feel free to call our offices, on 053 91 23630, or email us at info@doylemahon.ie should you have any queries in relation to your house insurance

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