The Society of Chartered Surveyors Ireland published their Guide to House Rebuilding Costs last month. The guide is intended to assist homeowners in insuring their homes and explain some of the more important aspects of house insurance.
The Guide shows that national average rebuild costs have increased by an average of 4% in 2015 (from 3% in Dublin to 6% in Galway and Waterford). The SCSI said that the increase in rebuilding costs means homeowners could be facing pro-rata increases in house insurance premiums.
Andrew Nugent, President of the Society of Chartered Surveyors Ireland (SCSI) said “The increase in rebuild costs is mainly due to increases in construction material prices and also due to the new building regulations which were introduced last year.”
“The key for homeowners is to check that their house rebuilding costs – the reinstatement costs involved in rebuilding a house in the event of a catastrophe such as a fire which are required on all home insurance premiums, are adequate and fully in line with current figures. Homeowners need to check the ‘sum insured’ on home insurance premiums to ensure they are fully covered and not over or underpaying”.
To download the House Rebuilding Cost Guide 2015, please clickhere.
To use the online House Rebuilding Calculator, please click here.