The right insurance gives homeowners peace of mind in the event of damage from fire, flood, storms, subsidence, and the escape of oil and water. With rising building costs, it’s easy to find your insurance coverage is no longer sufficient for your needs.
STEP 1 Calculate how much it would cost to rebuild your home
In the event of catastrophic damage to your home, you need peace of mind that your insurance policy would pay out enough to cover the cost of rebuilding. The insured sum is different to the market value of your house – it’s the amount of money you’ll need to rebuild your home from scratch.
The rebuild cost of your property is affected by a variety of aspects such as:
- You area
- The type of house that was originally built
- Materials used
- The number of rooms
- Construction features such as the wall and roof type
It’s also important to remember additional spaces such as garages, sheds, outbuildings and boundary walls on your property, and factor in the rebuild costs of these accordingly.
A great tool to help you work out how much this would all cost is Society of Chartered Surveyors Ireland’s rebuilding calculator. Simply fill out the details online, and it suggests a construction cost that reflects today’s market. Be sure to make allowances for any high-end finishes such as walk-in wardrobes, premium countertops and hardwood floors. Also factor in the cost of labour and how much it would cost to clear the site.