House insurance - check ur rebuild value! saved 300 euro

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Crostini Posts: 1105
Hi everyone, just passing on a tip... i got my house contents and building insurance renewal in the post and nearly died when I saw it was almost €700! I went through the particulars and noticed that the rebuild value had significantly increased since I took out the original policy several years ago. Rang the insurance company and pointed it out and the guy goes, 'oh yeah indexation is switched on'. (obviously with the times we're in this is not right). So he recalculated what rebuild value was and my premium went down more than 300 quid!!! (my own fault for not noticing it had been indexed the previous 2 years!) So check your policies!
LastRolo Posts: 6892
One thing to remember with house insurance (and a lot of people forget) is that you insure the REBUILD value, not the market value of the house. In certain cases this may mean that the REBUILD value is MORE than the market value as the insurance companies use a certain amount per square metre/foot to calculate this. Remember to calculate your rebuild correctly, as if you undervalue it you are going to lose out in the event of a claim.
Crostini Posts: 1105
Correct. If you give your sq footage to the insurance company they can work the rebuild value out for you. (mine dropped by considerably)
LastRolo Posts: 6892
Do you know what rate per square foot your insurance company was using??? I dread to think what my insurance would be....
MikeBurkePhotography Posts: 286
Great advice Crostini - we just renewed our house insurance and saved by €120. We got the rebuild cost from the Insurance company so they can't accuse us of under insuring.
Crostini Posts: 1105
oh lastrolo, he did say it to me but i can't remember! I found this on the chartered Engineer site. [url:15gjdzor]http://www.scs.ie/2010-SCS-House-Rebuilding-Insurance-Guide.pdf[/url:15gjdzor] if you scroll down to the seconda page it gives a guideline though i can't make head nor tail of it! best to ring your insurance company! Mike, nice to see suppliers getting involved in non vendor threads!
LastRolo Posts: 6892
I've seen the SCS website but it only gives 4 or 5 places in the country and as you can imagine they are far apart! I've heard Insurance companies are using a base price of €140 per square foot but I wanted to see if it was right.
bobbyjoe Posts: 395
Some of the insurance companies have little calculators on their websites so you can check the rebuild cost…normally looks for size of house and no. of bedrooms and location. (its often a little Q mark to the side of the box asking the rebuild cost) OP you could have been over paying for years if this was being indexed! :eek
Crostini Posts: 1105
i've been overpaying for the last 4 years!
bobbyjoe Posts: 395
[quote="Crostini":31wkg9aq]i've been overpaying for the last 4 years![/quote:31wkg9aq] I think they did a piece on this on the Consumer show with Eddie Hobbs a few weeks ago. seems its a very common thing for insurers to do