Have you considered the scenario that the sum insured on what is most peoples greatest asset, your home is incorrect? All Home Insurance policies look for a sum insured which represents the reinstatement value of your property rather than the market value.

What is Reinstatement value?

Reinstatement value is different to your home’s market value. It’s how much it would cost to rebuild using the same materials. This could include anything from getting specific stonework or materials to replacing the same windows as currently on the building. It is very important to get specialist advice when you work out the level of home insurance you need.

Why is the cost to rebuild my home different from what it is actually worth?

The cost to rebuild your home depends on many different things. Such as:

• the cost of materials,
• demolition costs,
• clear the area for rebuilding, and
• architects and surveyors fees.

So once every cost is taken into account, the rebuild cost can be different from its market value.

Who can help?

There are a number of readily available guides for people to review to assist in removing the guess work in establishing and adequate rebuild cost. The Society of Chartered Surveyors Ireland produces a report annually to assist in this process along with an easy to use calculator both of which can be found via the below links.

1. Rebuilding Calculator 

2. Rebuilding Guide

There guides also seeks to emphasize the importance of adequately insuring what is probably your most valuable possession. Remember that home insurance policies differ, some covering more than others; hence the importance of examining your policy carefully and insuring for the correct amount.



Why not contact our experienced Home Insurance Team of

Bernard McCarthy , Norma English, Sinead Palmer & David Collins to arrange a hassle free no obligation quotation on 021 427 5347