As property insurance claim specialists, homeowners often ask us “How much should I insure my house for?”
This House Rebuilding Cost Calculator is here to assist you in insuring your home.
How much should I insure my buildings for?
It is important that your home is insured for the correct value, otherwise your insurers may apply a deduction in the event of making a home insurance claim. Our Home VAR Calculator will provide you with a minimum reinstatement value for your home. Remember, your home should be insured based on its actual rebuild cost, never its resale value.
- The figures shown in the table are a MINIMUM base cost guide for your house insurance.
- The figures assume a standard quality specification with normal foundations, timber frames or brick/block walls, concrete tiled roof, concrete ground floor and timber first floor, softwood flush doors and hardwood double glazed windows, painted plaster to walls, plastered ceilings, standard electrics and central heating. The sum insured should be increased to allow for better than average kitchen fittings, built-in wardrobes, finishes and any other items not normally included in an estate-type house.
- House contents such as carpets. curtains, furniture etc. are NOT covered by the figures.
- No allowance has been made for the cost of outbuildings or patios. The figures do however allow for a concrete path around the house, for driveway repairs and regrassing and fencing.
- The figures allow for demolition costs, professional fees incurred in reinstatement and VAT at 13.5% on building costs and 23% on professional fees.
- The amounts included for professional fees have been calculated to cover the following services:
- Building Surveyor/Architect:Prepare working drawings and specification and administering the building contract.
- Chartered Quantity Surveyor: Invite and examine tenders, process payments and agree final account.
- Engineer: Advice on structural issues.
- Fees associated with the certification of the house under the Building Control (Amendment) Regulations 2014.
- The costs are based on building rates in September 2018.
The values given in this House Rebuilding Cost Calculator are indicative only and may not reflect actual rebuilding costs. The values are based on those provided by the Society of Chartered Surveyors Ireland (SCSI) .
As stated above,please note that the foregoing values are the minimum values that you should use in calculating your sums insured for rebuilding and are based on the assumption that your property is located in a region where competitive rebuilding quotations are available to you in order to allow to achieve ‘value for money’ in the rebuilding process.
For more information on “Value at Risk Surveys”, feel free to contact us on 1890 929 555